Yahoo Finance Bristol Myers Squibb (BMY) Crossed Above the 200-Day Moving Average: What That Means for Investors
From a technical perspective, Bristol Myers Squibb (BMY) is looking like an interesting pick, as it just reached a key level of support. BMY recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
BMY could be on the verge of another rally after moving 20.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case solidifies once investors consider BMY's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 11 higher, while the consensus estimate has increased too.
Investors may want to watch BMY for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report
