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Possible Bearish Inside Day Candle Pattern Detected for Bristol-Myers Squibb (NYSE:BMY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bristol-Myers Squibb (NYSE:BMY) based on the price action in the company's shares. Today's price range of $72.32 and $72.97 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-Myers Squibb 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 that discovers, develops, manufactures and sells pharmaceutical and nutritional products. The Company's products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection and psychiatric disorders.

Bristol-Myers Squibb (NYSE:BMY) is currently priced 0.4% above its average consensus analyst price target of $72.33. The stock should find initial support at its 50-day moving average (MA) of $66.29 and further support at its 200-day MA of $64.47.

Over the past year, Bristol-Myers Squibb has traded in a range of $51.82 to $73.06 and is now at $72.62, 40% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Bristol-Myers Squibb on April 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.20. Since that recommendation, shares of Bristol-Myers Squibb have risen 10.3%. We continue to monitor BMY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Bristol-Myers Squibb

Ticker(s): BMY