BMY moved slightly above long-term trendline going into earnings
BMY is slightly above its long-term trend line. It doesn't appear to have breakout volume right now, but the move implies investor optimism about tomorrow's earnings. Zacks has given BMY a positive earnings surprise prediction.
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I thought this had a positive ESP, but I just double-checked and it's actually got a slightly negative one. Big drop after market on positive clinical trial results.
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Market isn't reacting much to BMY earnings and guidance, though in my opinion they were a blowout. 200+% YoY profit improvement, 10% YoY revenue improvement, adjusted earnings guidance raised 10 cents for the full year.
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Held its trend line break and got a nice little pop above its hourly moving averages.
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Look for high of the day in the range of 45.85-46.20.
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I sold at 45.85 and bought today's pullback just now. Look at this juicy daily chart! Buy signals on megatrend and reverse RSI indicators. Recent price weakness with big upward earnings catalyst. Upward MACD cross with lots of room to run up.
