Unfinished Upside For BMY

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By Mike Paulenoff | Published 12/1/2009 | Stocks | Unrated

Unfinished Upside For BMY

My near-term work argues strongly that Bristol-Myers Squibb (BMY) is nearing the completion of its corrective period off of last week’s high at 25.75 into the 24.50 area. Right now I cannot rule out another loop down to revisit 24.50 (last Friday’s low), but if further weakness emerges I will want to enter/add to long positions ahead of unfinished business on the upside that projects to 26.60-27.00 next.

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

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