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Bristol-Myers Squibb Company (BMY) “On a long-term technical basis, the stock (BMY) is trading above its 200-day moving average which implies it is in a positive trend. However, the stock has recently broken through an important trendline at 68.61 suggesting the next support level is at 63.62. This weakness suggests the long-term trend is turning neutral.
The stock has support at 63.62 and 59.68. If the stock breaks down through support at 63.62 then it will probably continue lower to 59.68. The stock will meet resistance at 64.75 and 68.34. If the stock breaks up through resistance at 64.75 then it will probably continue higher to 68.34. The 200-day moving average is at 57.04. This will also act as support. The stock is extremely overbought according to the Stochastic Indicator (76.32).”
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