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

Published on Tue, 01/29/2013 - 08:28
By Mallory Stone

Analysts have spotted a possible bearish inside day candle pattern in Bristol-Myers Squibb (NYSE:BMY) based on the price action in the company's shares. Yesterday's price range of $36.04 and $36.56 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-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 (NYSE:BMY) is currently priced 3.1% above its average consensus analyst price target of $35.28. The stock should find initial support at its 200-day moving average (MA) of $33.50 and further support at its 50-day MA of $33.16.

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.

In the past 52 weeks, Bristol-Myers Squibb share prices have been bracketed by a low of $30.64 and a high of $36.71 and closed yesterday at $36.41, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

By Mallory Stone
mstone@fnno.com

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