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Bristol Myers Squibb (BMY) Crossed Above the 20-Day Moving Average: What That Means for Investors

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From a technical perspective, Bristol Myers Squibb (BMY - Free Report) is looking like an interesting pick, as it just reached a key level of support. BMY recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

Moving Average Chart for BMY

BMY could be on the verge of another rally after moving 11.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

Looking at BMY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

Investors should think about putting BMY on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.


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