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Watch for Continued Gains in Shares of Bristol-Myers Squibb (BMY)

By Shiri Gupta

Shares of Bristol-Myers Squibb (NYSE:BMY) traded at a new 52-week high today of $71.80. This new high was reached on below average trading volume as 1.9 million shares traded hands, while the average 30-day volume is approximately 5.6 million shares.

Bristol-Myers Squibb (NYSE:BMY) has potential upside of 2.6% based on a current price of $70.53 and analysts' consensus price target of $72.33. The stock should discover initial support at its 50-day moving average (MA) of $65.28 and subsequent support at its 200-day MA of $64.41.

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.

Over the past year, Bristol-Myers Squibb has traded in a range of $51.82 to $71.80 and is now at $70.53, 36% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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 6.1%. We continue to monitor BMY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows Bristol-Myers Squibb

Ticker(s): BMY