Saturday, February 09, 2008

BMY Update for 02.09.2008

BRISTOL MYERS SQUIBB - BMY

Monthly chart showx continued weakness and selling. Stock has been in a large consolidation range or bear flag. Look for eventual break of the current $19.50 area support. No buy signal/pattern evident on this timeframe.

Weekly chart shows early buyers stepping back into the stock after it found a bottom on January 31st, but last week's trading activity shows selling pressure remains. No buy signal/pattern evident on this timeframe.

Daily chart shows bulls unable to take stock up higher; sellers continued to overcome buyers. Look for test of the $21.73 low and eventual break for lower.

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