BMY - sideways to upward movement - yearly chart
I was wrong on BMY before and I hope I'm not wrong again.
On a yearly chart, we have all sorts of fun things going on. We had a double top in March followed by a downward trend after weak earnings. After the post earnings bleeding stopped, we get a triple bottom. Downward trend line was broken before earnings. In addition, before earnings, we had the stock go over the 20 and 50-day MA. Post earnings catapulted the stock to fill a gap and also gave us the bullish 20-day crossing above the 50-day. Lastly, BMY recently crossed the 200-day, then pulled back under it, but may have found support at this MA.
If BMY can stay around this area, I think BMY can go sideways, or dare I say it, continue upward.
On a yearly chart, we have all sorts of fun things going on. We had a double top in March followed by a downward trend after weak earnings. After the post earnings bleeding stopped, we get a triple bottom. Downward trend line was broken before earnings. In addition, before earnings, we had the stock go over the 20 and 50-day MA. Post earnings catapulted the stock to fill a gap and also gave us the bullish 20-day crossing above the 50-day. Lastly, BMY recently crossed the 200-day, then pulled back under it, but may have found support at this MA.
If BMY can stay around this area, I think BMY can go sideways, or dare I say it, continue upward.
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