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Earlier this week, Bristol-Myers Squibb emerged to the upside from a two-year base-like accumulation pattern when the price structure hurdled and sustained above 23.80-24.00. Since then (Mon morning), BMY has consolidated above its breakout plateau, which I consider to be a very constructive technical sign—that higher prices should be forthcoming. And based on the magnitude of the base pattern, the potential upside target zones are 25.20/50, then 28.00, and possibly 32-33 thereafter. At this juncture, only a failure to remain above 23.80 will compromise the timing of the anticipated upleg.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
