Unfinished Upside for BMY

Mid-Day Minute for Tue December 1st 2009
by Mike Paulenoff, www.MPTrader.com
 << December
2009		 >> 
SMTWTFS
293012345
6789101112
13141516171819
20212223242526
2728293031 

My near-term work argues strongly that Bristol-Myers Squibb (NYSE: BMY) is nearing the completion of its corrective period off of last week’s high at 25.75 into the 24.50 area. Right now I cannot rule out another loop down to revisit 24.50 (last Friday’s low), but if further weakness emerges I will want to enter/add to long positions ahead of unfinished business on the upside that projects to 26.60-27.00 next.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.
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