Bristol-Myers Squibb Looking Higher
Companies / Company Chart Analysis Nov 20, 2009 - 01:42 PM GMTBy: Mike_Paulenoff
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.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of
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