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Possible Bearish Inside Day Candle Pattern Detected for Bristol-Myer Sqb (NYSE:BMY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bristol-Myer Sqb (NYSE:BMY) based on the price action in the company's shares. Today's price range of $48.21 and $48.40 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Bristol-Myer Sqb may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

In the past 52 weeks, Bristol-Myer Sqb share prices have been bracketed by a low of $44.30 and a high of $63.69 and are now at $48.40, 9% above that low price. The 200-day and 50-day moving averages have moved 0.48% lower and 0.32% higher over the past week, respectively.

Bristol-Myer Sqb (NYSE:BMY) has potential upside of 21.0% based on a current price of $48.40 and analysts' consensus price target of $58.56. Bristol-Myer Sqb shares should encounter resistance at the 200-day moving average (MA) of $51.23 and support at the 50-day MA of $46.63.

SmarTrend is monitoring the recent change of momentum in Bristol-Myer Sqb. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Bristol-Myer Sqb in search of a potential trend change.

Keywords: bearish inside day candle bristol-myer sqb

Ticker(s): BMY