Exploring BRISTOL-MYERS SQUIBB CO's Technical Signals and Breakout Potential.

Our stock screener has detected a potential breakout setup on BRISTOL-MYERS SQUIBB CO (NYSE:BMY). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:BMY.

Insights from Technical Analysis

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 7 out of 10 to BMY. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, BMY is only an average performer.

• The long and short term trends are both positive. This is looking good!
• BMY is one of the better performing stocks in the Pharmaceuticals industry, it outperforms 76% of 193 stocks in the same industry.
• BMY is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so BMY is lagging the market slightly.
• When comparing the yearly performance of all stocks, we notice that BMY is one of the better performing stocks in the market, outperforming 76% of all stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
• In the last month BMY has a been trading in the 55.04 - 60.09 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
• Volume is considerably higher in the last couple of days.

For an up to date full technical analysis you can check the technical report of BMY

How does the Setup look for NYSE:BMY

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:BMY has a 9 as its setup rating:

Besides having an excellent technical rating, BMY also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 58.91. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 57.83, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BMY in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:BMY

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.