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S&P 500 Oversold StocksArchive
- 7/19/2024 -
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Bristol-Myers Squibb (BMY) Technical Analysis
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| Summary:
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| | It was a second consecutive positive week for the Bristol-Myers Squibb (BMY). During the week, the BMY gained 2.20 points, or 5.44%, and closed at 42.64 on Friday, July 19, 2024. It was the best weekly gain since March 28, 2024. Weekly volume was 17% above average.
 Long-term trend: [See BMY long-term trend chart]
A long-term downtrend had started on December 1, 2022 at 81.44 and reached 39.35 on July 5, 2024. BMY lost 42.09 points, or 51.68%, in 83 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 37.15 and resistance is at 47.06. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a long-term trend.
 Medium-term trend: [See BMY medium-term trend chart]
A medium-term downtrend had started on March 13, 2024 at 55.04 and reached 39.35 on July 5, 2024. BMY lost 15.69 points, or 28.51%, in 16 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (42.53). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See BMY weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since April 26, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See BMY short-term trend chart]
A short-term uptrend had started on July 5, 2024 at 39.35 and reached 44.24 on July 18, 2024. BMY gained -4.89 points, or -12.43%, in 13 days. The price is now at the 32.72% retracement level.
Daily Technical Indicators: [See BMY daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since July 9, 2024. This is an indication that the short-term trend is up.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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