BRYSTOL - MEYERS SQUIBB COMPANY (NYSE: BMY)

Technical analysis

Price

$ 58.36

52 weeks range

$ 56.66 - $ 69.75

Beta

0.63

Volume/ average

8.3m? 9.4m

Sector

Healthcare

Dividend yield

3.36%

Bristol-Myers Squibb discovers, develops and markets drugs for various therapeutic areas, such as cardiovascular, cancer and immune disorders.


BMY has reached a strong level of support, which has remained such since November 2019 and we believe the conditions may be in place for a recovery in the short-medium timeframe.


  • Since November 2019 BMY has created a parallel channel $ 56.60 - $ 67.50, except for the month of March 2020 at the outbreak of the pandemic

  • The $ 56.60 level confirms itself as a strong support level, once again stopping the latest bearish swings

  • MACD and RSI both oversold. In particular, the last one is in positive divergence with the price: increasing RSI but decreasing price

The stock is now at the base of the parallel channel in place since November 2019.

Combining an excessive downward extension with repetitiveness in price moves, we believe the conditions are in place for a bullish recovery in the short to medium term.


Entry range $ 58.00 - $59.00

Target 1 $ 62.50

Target 2 $ 67.00

Stop loss $ 53.00

OTB Global Investments

19 October 2021

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