Bristol-Myers Squibb Crosses Important Line
01/14/2009 2:45 pm EST
Bristol-Myers Squibb Co. (BMY) - This health-services giant engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of pharmaceuticals and other healthcare-related products.
It tumbled from a high of $32 in July 2007 to $16 in October 2008. Since then, it has formed a "V" bottom under heavy accumulation and was driven above $24 by mid-December. It has broken its bearish resistance line and just this week issued a "Golden Cross," which is a major buy signal that is triggered when the 50-day moving average crosses up and through the 200-day moving average.
BMY should be positioned for longer-term investment, but traders may grab it now for a short-term target of $28.
By Sam Collins of OptionsZone.com