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- 11/24/2023 -
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Bristol-Myers Squibb (BMY) Technical Analysis
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|It was the negative week for the Bristol-Myers Squibb (BMY). During the week, the BMY dropped -1.08 points, or -2.12%, and closed at 49.76 on Friday, November 24, 2023. Weekly volume was 69% above average. |
Long-term trend: [See BMY long-term trend chart]
A long-term uptrend had started on July 23, 2019 at 42.48 and reached 81.44 on December 1, 2022. BMY gained -38.96 points, or -91.71%, in 175 weeks. The price is now at the 81.31% retracement level.
Medium-term trend: [See BMY medium-term trend chart]
A medium-term downtrend had started on December 1, 2022 at 81.44 and reached 48.42 on November 20, 2023. BMY lost 33.02 points, or 40.55%, in 50 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend support line (55.84) is broken. Usually a broken support is considered to be a long-term bearish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
Weekly Technical Indicators: [See BMY weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Relative Strength Index and Lane's Stochastic or strongly oversold weekly Williams' Percentage Range. 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. Weekly Lane's Stochastic has bullish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is below its signal line since December 23, 2022. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.
Short-term trend: [See BMY short-term trend chart]
A short-term downtrend had started on November 6, 2023 at 53.55 and reached 48.42 on November 20, 2023. BMY lost 5.13 points, or 9.58%, in 14 days. The chart has formed a Falling Channel chart pattern.
Daily Technical Indicators: [See BMY daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since November 22, 2023. The distance between MACD and the signal line is low and getting smaller.