- BMY rose above its steady 20-month downtrend line in August. The break occurred on a gap-up day, confirming the change of trend direction. The Zoom chart reveals that BMY has formed an Ascending Triangle (ASCENDING – DESCENDING TRIANGLE) , a powerful technical pattern that includes an uptrend and a resistance level that is vulnerable. As buy pressure builds, each test of the resistance level becomes weaker until the eventual breakout.
RRG analysis shows that BMT has shown relative strength and relative momentum. BMY has moved quickly from the Lagging quadrant through the Improving quadrant and into the Leading quadrant. BMY is a top 20 stock in this week’s TPA-RRG report.
Jeff Marcus founded Turning Point Analytics (TPA) in 2009 after 25 years on trading desks and 13 years as a head trader to provide strategic and technical research to institutional clients. Turning Point Analytics (TPA) provides a unique strategy that works as an overlay to clients’ good fundamental analysis. After 10 years of serving only large institutions, TPA now offers its research services to mid and small managers, RIA’s, and wealthy sophisticated individuals looking for a way to increase their returns and outperform their peers.
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