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Bristol-Myers Squibb (BMY) Crosses Pivot Point Resistance at $34.59

Published on Tue, 01/22/2013 - 13:38
By Peter Chu

Shares of Bristol-Myers Squibb (NYSE:BMY) have bullishly opened above the pivot of $34.35 today and have reached the first resistance level of $34.59. Analysts will be watching for a cross of the next upside pivot targets of $34.73 and $35.11.

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 $36.34 and a 52-week low of $30.64 and are now trading 13% above that low price at $34.55 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

Bristol-Myers Squibb (NYSE:BMY) defies analysts with a current price ($34.55) 0.1% above its average consensus price target of $34.50. The stock should discover initial support at its 200-day moving average (MA) of $33.44 and subsequent support at its 50-day MA of $32.80.

By Peter Chu
pchu@fnno.com