The price pattern and my near-term intermediate-term momentum work argue strongly that Bristol-Myers Squibb (BMY) finished a corrective downleg at this morning's low of 24.07 off of its Mar 29 high at 27.07. As long as key support between 24.10 and 23.50 contains any acute (forthcoming) selling pressure, the larger base pattern from Sept 2008 remains intact and dominant. If my near-term work proves accurate, then BMY will not see lower prices than this morning's low at 24.07. A climb that sustains above 24.45 will trigger initial confirmation signals that a new upleg is in progress.

 

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