• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $46.95 and $47.67 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. Traders and investors interested in shares of Bristol-Myer Sqb may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Bristol-Myer Sqb (NYSE:BMY) has potential upside of 24.3% based on a current price of $47.09 and analysts' consensus price target of $58.56. Bristol-Myer Sqb shares should first meet resistance at the 50-day moving average (MA) of $50.11 and find additional resistance at the 200-day MA of $54.32.

In the past 52 weeks, shares of Bristol-Myer Sqb have traded between a low of $44.30 and a high of $63.75 and closed yesterday at $47.09, which is 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.

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.

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: bullish am inside day candle bristol-myer sqb

Ticker(s): BMY