Bristol-Myers Squibb Company(BMY) is in an downtrend but momentum is showing some life

(31-Mar-2008) (31-Mar-2008) Bristol-Myers Squibb Company(BMY) closed at 21.48, up 0.18 or 0.85 % for the day. Based on our analysis, Bristol-Myers Squibb Company(BMY) is in an downtrend but momentum is showing some life.

The closing price of Bristol-Myers Squibb Company(BMY) is below its 50 day moving average of 22.68 (Designated by blue line). This indicates that the trend is down. The MACD histogram(Gray bars on the bottom) above the signal line(Dark Red Line) tells us that Bristol-Myers Squibb Company(BMY) is gaining momentum. An downtrend with sustained rising momentum could be early sign of reversal. The MACD histogram crossed above the signal line on 20-Mar-2008, about 7 trading days ago.