Bristol Myers Is Bucking Long-Term Resistance
Boring old pharma names like Pfizer and Johnson & Johnson have plodded higher lately. Bristol Myers Squibb may be following a similar course.
The first chart pattern on BMY is the steady uptrend along its 50-day simple moving average (SMA). Also notice how price fell into oversold territory on stochastics last week.
Next, consider the current price zone around $68-70. It's near the highs in January 2020 and February 2018, shortly below the coronavirus crash. Looking further back to August 5, 2016, we find a large bearish price gap with a top around $75. That may create the potential for a run toward the mid-70s if the current resistance gives way.
Finally, BMY trades for less than 10x forward earnings. That could be a positive in the current environment because value indexes are outperforming growth this month.
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The first chart pattern on BMY is the steady uptrend along its 50-day simple moving average (SMA). Also notice how price fell into oversold territory on stochastics last week.
Next, consider the current price zone around $68-70. It's near the highs in January 2020 and February 2018, shortly below the coronavirus crash. Looking further back to August 5, 2016, we find a large bearish price gap with a top around $75. That may create the potential for a run toward the mid-70s if the current resistance gives way.
Finally, BMY trades for less than 10x forward earnings. That could be a positive in the current environment because value indexes are outperforming growth this month.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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