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

Published on Wed, 03/18/2015 - 07:41
By Peter Chu in Candlestick, BMY, bearish am inside day candle, bristol-myers squibb, nyse:bmy

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 $67.26 and $67.84 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.

Based on a current price of $67.62, Bristol-Myers Squibb is currently 2.2% above its average consensus analyst price target of $66.13. Bristol-Myers Squibb shares have support at the 50-day moving average (MA) of $61.93 and additional support at the 200-day MA of $54.84.

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 share prices have moved between a 52-week high of $68.20 and a 52-week low of $46.30 and closed yesterday at 46% above that low price at $67.62 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.5%.

By Peter Chu
pchu@fnno.com

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