The Revenue Rises
Trending Now
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
DP Trading Room: Key Support Levels for the...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Retirees ‘stunned’ as market turmoil over tariffs shrinks...
Week Ahead: NIFTY Set To Open Lower; Relative...
Market Drop Compared to 2020: What You Need...

The Revenue Rises

Stocks

Bristol Myers Squibb’s Rising SCTR Score: Seize the Moment to Invest?

by admin February 28, 2025
February 28, 2025
Bristol Myers Squibb’s Rising SCTR Score: Seize the Moment to Invest?

Bristol Myers Squibb (BMY) reported strong Q4 earnings earlier in February, and prospects remain strong for 2025, although it may face some headwinds. The recent earnings announcement for the company led to a pullback in the stock price; however, BMY is now showing signs of recovery and gaining some momentum.

The stock caught my interest when I ran my StockCharts Technical Rank (SCTR) scan on Thursday evening. An attractive price point and the recent strength of the Health Care sector enticed me to do a deeper dive into the stock’s charts.

The Health Care sector was in a steady downfall from September to December 2024. Bristol Myers Squibb (BMY) deviated from the downfall and trended higher during this time. The daily chart of BMY below shows the stock’s performance relative to the Health Care Select Sector SPDR Fund (XLV). Since September 30, 2024, BMY’s performance has outperformed XLV’s. Even during the February pullback, the stock was performing better than the Health Care sector.

FIGURE 1. DAILY CHART OF BRISTOL MYERS SQUIBB. The SCTR score has crossed 76, the MACD is crossing over into positive territory, and BMY is outperforming XLV.Chart source: StockCharts.com. For educational purposes.

The SCTR score in the upper panel didn’t display strength until November and, even though it crossed above 76, it didn’t go higher than 92. In late January, the SCTR score fell below the 76 level.

The following points are worth noting:

  • The stock price bounced off its 21-day exponential moving average (EMA) and 50-day SMA on Thursday.
  • The SCTR score has crossed above the 76 level.
  • Bristol Myers Squibb’s relative performance against XLV is at 21.31% and trending higher.
  • The moving average convergence/divergence (MACD) has crossed above its signal line and is very close to the zero line.

If BMY’s stock price continues to rise higher there could be an opportunity to add some positions of this stock. How high could the stock price go? The probability of BMY hitting its 52-week high is high, but, for a favorable risk-to-reward ratio, there needs to be strong upside momentum. The weekly chart below shows the stock has the potential to rise to around the $72 level.

FIGURE 2. WEEKLY CHART OF BRISTOL MYERS SQUIBB. A break above the upper Bollinger Band, rising RSI, and crossover of the stochastic oscillator point to further upside move in the stock price.Chart source: StockCharts.com. For educational purposes.

  • A break above the upper Bollinger Band® would be positive for the stock.
  • The relative strength index (RSI) is just shy of 60. A cross above 70 would confirm upside momentum.
  • Look for the %K line to cross over the %D line in the full stochastic oscillator (lower panel).

The bottom line: I’ll be monitoring Bristol Myers Squibb’s stock price closely. I’ve set an alert to notify me when the stock price crosses above $61. If the indicators in the daily chart still indicate buying pressure is strong and the trend is bullish, I’ll consider adding BMY to my portfolio.


The SCTR Scan

[country is US] and [sma(20,volume) > 100000] and [[SCTR.us.etf x 76] or [SCTR.large x 76] or [SCTR.us.etf x 78] or [SCTR.large x 78] or [SCTR.us.etf x 80] or [SCTR.large x 80]]



Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

previous post
Could Bitcoin Reach $200000? Market & Expert Insights
next post
Nvidia CEO Huang says AI has to do ‘100 times more’ computation now than when ChatGPT was released

Related Posts

BEWARE! META, TSLA, AMZN, MSFT & AAPL Report...

January 28, 2025

Oil Prices Soar Amid Middle East Tensions –...

October 9, 2024

Week Ahead: NIFTY May See Mild Rebounds; Painful...

November 16, 2024

Cybersecurity Makes Yet Another Statement

February 1, 2025

S&P 500 Breakdown Alert! Downside Targets Explained

January 11, 2025

How the S&P 500 Reaches 6500 By March...

January 23, 2025

Gold and Silver Are Crushing the S&P 500!...

February 25, 2025

These 3 Charts Are Among The Most Critical...

January 4, 2025

The Best Five Sectors, #6

February 11, 2025

Leverage Salesforce.com’s Growth: A Guide to Smart Options...

December 5, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • DP Trading Room: Key Support Levels for the SPY
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise

    Popular Posts

    • 1

      Polls show some good early signs for Kamala Harris

      July 26, 2024
    • 2

      Solana and Cardano: Solana is waiting for a new impulse

      July 18, 2024
    • 3

      The presidential race shifts — modestly, so far — toward Harris

      August 6, 2024
    • 4

      Donald Trump’s imaginary and frightening world

      September 23, 2024
    • 5

      DP Trading Room: PMO Sort on Earnings Darlings

      July 18, 2024

    Categories

    • Business (663)
    • Economy (965)
    • Politics (873)
    • Stocks (749)

    Disclaimer: therevenuerises.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 The Revenue Rises. All Rights Reserved.