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Increasingly the pattern carved out by Bristol-Myers Squibb (NYSE: BMY) during the past three weeks has the right look of a bullish digestion period from the Aug 10 high at 26.78 to the Aug 27 low at 25.66. Since the corrective low, BMY has climbed to today's high at 26.55 that represents the start of a new upleg within the larger advance off of the May low at 22.24.
If my analysis proves accurate, then BMY will hurdle and sustain above its Aug highs (26.78/79), which will create the power to climb above the March high at 27.07 -- on the way to 28.20/60.
At this juncture, only a sudden reversal and breach of key near-term support between 25.90 and 25.66 will compromise the current bullish chart pattern and technical set-up.
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!
