2 different technical views on BMY
Before rlp feels the need to post this, there were two opposing views on BMY.
On Cramer's street.com they said this:
In this updated daily bar chart of BMY, below, we can see that prices just made a new high and a new closing high. Prices continue to trade firmly above the rising 50-day moving average line and the 200-day line too. The On-Balance-Volume (OBV) continues higher to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator just crossed to the upside for a fresh outright go long signal.
In this updated daily Point and Figure chart of BMY, below, we can see the latest entry - an X at $67 to refresh the uptrend and give us a breakout. The $80 area is the price target.
But IDB said this:
The pharmaceutical company has yet to top a buy point out of a consolidation. It's best to add shares after a stock has surpassed a buy point and is within the 5% chase zone. Investors are advised to sell when a stock falls 7%-8% below its entry.
Sales and earnings tacked on low single-digit percentage growth in the first quarter. That's not enough to label BMY stock a CAN SLIM stock