BMY finds buyers again around 65.36
Bristol-Myers Squibb Company (BMY) Technical Analysis Report for Feb 19, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BMY ended Wednesday at 65.71 losing $0.36 (-0.54%), notably underperforming the S&P 500 (0.47%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BMY as at Feb 19, 2020):
Wednesday's trading range has been $0.69 (1.05%), that's below the last trading month's daily average range of $1.20. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BMY.
After having been unable to move lower than 65.44 in the previous session, the market found buyers again around the same price level today at 65.36. The last time this happened on February 14th, BMY actually lost -0.47% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Bristol-Myers Squibb. Out of 255 times, BMY closed higher 56.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.25% with an average market move of 0.74%.