New York, September 1st (TradersHuddle.com) - Shares of Bristol-Myers Squibb Company (BMY.) closed the trading session at $29.75 just above calculated resistance at $29.42 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Bristol-Myers Squibb Company (BMY.) is a global biopharmaceutical company that develops, manufactures and sells pharmaceutical and nutritional products. The Company offers products and experimental therapies to address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection and psychiatric disorders.

Bristol-Myers Squibb's stock was trading in a well defined range with support at $25.69 and resistance at $29.42, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Bristol-Myers Squibb's stock is still near the broken resistance level, traders will be focusing on $29.42 to see if the stock holds the breakout without rolling over.