Earlier this week, Bristol-Myers Squibb (BMY) emerged to the upside from a two-year base-like accumulation pattern when the price structure hurdled and sustained above 23.80-24.00.

Since then, BMY has consolidated above its breakout plateau, which I consider to be a very constructive technical sign and higher prices should be forthcoming. And based on the magnitude of the base pattern, the potential upside target zones are 25.20/50, then 28.00, and possibly 32-33 thereafter. At this juncture, only a failure to remain above 23.80 will compromise the timing of the anticipated upleg.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.