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 Trading Idea - Is Bristol-Myers Squibb close to Resistance?
CreateTime:2011-09-08 Editor:lile
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New York, September 7th (TradersHuddle.com) - Shares of Bristol-Myers Squibb Company (BMY.) are trading very close to calculated resistance at $30.00 with the current price action closing at just $29.24 placing the stock near levels that make it difficult to buy.

Bristol-Myers Squibb Company (NYSE: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 current stock range is defined by current calculated support defined at $25.69 and by the resistance level at $30.00, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Bristol-Myers Squibb, as the stock is well above support, however, as the stock pulls back towards $25.69 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $30.00 then traders will get an opportunity to enter Bristol-Myers Squibb stock by establishing a position as the stock moves to a higher range.

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