Sunday, December 30, 2007

BMY Update for 12.30.2007

BRISTOL MYERS SQUIBB CO. - BMY

Monthly chart shows an abc 3 wave pattern into $32.46 resistance. Price pattern shows a bearish flag formation. December's price action indicates bears winning the battle. Look for test of the current support and low at $19.50 area and then lower.

Weekly chart shows another consolidation range. Last week's price action shows the bears are winning the struggle. Look for a break of the current support at the $26.50 area.

Daily chart better shows the consolidation/corrective pattern developing. IF this is indeed a bearish corrective pattern, THEN look for eventual break of current support of $26.41 and lower.

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