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

By Shiri Gupta

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. Yesterday's price range of $67.07 and $67.28 is within the prior day'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.

Based on a current price of $66.91, Bristol-Myer Sqb is currently 12.5% above its average consensus analyst price target of $58.56. Bristol-Myer Sqb shares have support at the 50-day moving average (MA) of $64.01 and additional support at the 200-day MA of $52.91.

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 $42.48 and a high of $68.34 and closed yesterday at $66.91, 58% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.9%.

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 am inside day candle bristol-myer sqb

Ticker(s): BMY