It is starting to look like a double bottom on the weekly candles.
The price action of BMY is finding support near the 47.50 price point. It appears to be forming a double bottom on the charts so far.
![It is starting to look like a double bottom on the weekly candles.](https://ussnsimg.moomoo.com/sns_client_feed/70107943/20240229/2d3f797e3f9d4110a98dcb2c6ed0a223.jpg/big?area=100&is_public=true)
There is a bullish divergence on several of the popular oscillating indicators for the weekly candles. The major indicators for the daily candles, like RSI and MACD, are all officially in bullish territory.
![It is starting to look like a double bottom on the weekly candles.](https://ussnsimg.moomoo.com/sns_client_feed/70107943/20240229/813e9c0cd38241c38845c1f4f382ac1c.jpg/big?area=100&is_public=true)
Ultimately, the price would need to climb out of the trading range it has been in and above the trending resistance level that has held the price down for quite a while.
With the large amount of volume building up over the past several weeks, it appears that we are seeing investors accumulating shares at these relatively low prices. This could be a positive indication that investors are seeing potential upside in the future.
![It is starting to look like a double bottom on the weekly candles.](https://ussnsimg.moomoo.com/sns_client_feed/70107943/20240229/d2e32c1afc4c493fb0da3489b67d5561.jpg/big?area=100&is_public=true)
The price could always stay within this trading range for a while. If that proves to be the case, then the idea would be to buy at support and sell at resistance of the range. But if there is a breakout to the upside, then personally, I will be entering into long positions at that point.
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Nederhoed : Tomorrow should go
SpyderCall OP Nederhoed : hopefully. I hope it does not stay within the trading range it has been in for a while