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 Bristol-Myers Squibb Close to the 50 Day
CreateTime:2011-09-14 Editor:lile
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New York, September 13th (TradersHuddle.com) - Shares of Bristol-Myers Squibb Company (BMY.NYSE) closed the trading day at $29.44 close to its 50 day moving average currently set at $28.69. Bristol-Myers Squibb's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $28.37 and calculated resistance at $30.14. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Bristol-Myers Squibb will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.

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