Bristol Myers Squibb Co (BMY): Price Now Near $61.49; Daily Chart Shows Downtrend on 50 Day Basis

The Hourly View for BMY

At the time of this writing, BMY (Get Ratings)’s price is down $-0.09 (-0.14%) from the hour prior. The hourly chart shows that BMY has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 200 hour changed directions on BMY; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

BMY’s Technical Outlook on the Daily Chart

At the moment, BMY’s price is down $-0.87 (-1.4%) from the day prior. It’s been a feast for bulls operating on the daily timeframe, as BMY has now gone up 8 of the past 10 days. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes. Regarding moving averages, it should first be noted that price has crossed the 100 and 50 day moving averages, resulting in them so that price is now turning below them. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. Bristol Myers Squibb Co’s price action over the past 90 days can be seen via the chart below.

For BMY News Traders

News traders keeping an eye on BMY may find value in this recent story:

Why Idera Pharmaceuticals Shares Dropped 62% Lower Today

Shares of Idera Pharmaceuticals Inc . (NASDAQ: IDRA ) plunged more than 62% in the extended session Thursday after the biopharmaceutical company said its lead drug candidate Tilsotolimod failed to meet the primary endpoint in a Phase 3 trial for anti-PD-1 refractory advanced melanoma. What Happened: Idera Pharmaceuticals said that ILLUMINATE-301 is a Phase 3 trial evaluating tilsotolimod in combination with Bristol-Myers Squibb Company’s (NYSE: BMY ) Yervoy (ipilimumab) against ipilimumab alone in patients with anti-PD-1 refractory advanced melanoma. The company noted that the trial did not meet its primary endpoint of objective response rate (ORR). Results from the … Full story available on Benzinga.com

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The post Bristol Myers Squibb Co (BMY): Price Now Near $61.49; Daily Chart Shows Downtrend on 50 Day Basis appeared first on ETF Daily News.