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Bristol Myers Squibb (BMY) Recently Broke Out Above the 200-Day Moving Average
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 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of BMY have been moving higher over the past four weeks, up 10.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that BMY could be poised for a continued surge.
The bullish case only gets stronger once investors take into account BMY's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch BMY for more gains in the near future given the company's key technical level and positive earnings estimate revisions.