New York, January 23rd (TradersHuddle.com) - Bristol-Myers Squibb Company (NYSE:BMY) closed the trading day at $34.46, near its 50 day and 200 day moving averages currently set at $32.80 and $33.44 respectively. Bristol-Myers Squibb's price action placed the stock above these important levels, which could translate into a trading opportunity.
Bristol-Myers Squibb Company (NYSE:BMY) is a global biopharmaceutical company that develops, manufactures and sells pharmaceutical and nutritional products. The Company offers products and experimental therapies to address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection and psychiatric disorders.
Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.
The peaks and troughs algorithm shows calculated support at $31.85 and resistance at $32.82. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.
If traders want to establish a long position in Bristol-Myers Squibb, it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.
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