CHART OF THE WEEK - Bristol Myers (BMY)

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DISCLAIMER: This chart is based on this date. Im not suggesting a move up or down. I'm showing a chart I'm watching. I'm not recommending this stock as a purchase. Think of it like this, your showing the world thru my eyes and how I see this chart. Period!
CHART OF THE WEEK
Bristol Myers	BMY		LAST TRADE >	$61.28
See the World thru my eyes' - chart breakdown of the week
Bristol Myers has been beaten down prior to this recent rally ... but it was beaten down way back in 2017 when expectations of its cancer drug were way too high and with Merck taking market share and Bristol's drug not cutting it ... Wall Street sold it off from all time highs of $73+ to the mid $40's ... then enter the Celgene purchase that no one liked ... but now is in favor because instead of having just 1 drug to hang its hopes on, it has 4 and you can see Wall Street is ALL IN again moving BMY up over $61 in short fashion. BMY (IMO) will continue to move higher and it wouldn't surprise me if it see's $70+ again ... but that's to be determined. The chart DOES NOT look good for me as most every indicator for a LOW ENTRY purchase just isn't there ... I'd be more willing to wait for a overall market pull down which should bring BMY back a bit to risk money ... but that might be wishful thinking at this point. > Im in 'wait and see' mode with BMY now vs Buy Buy Buy.
RSI	SMA (100)	SMA (200)	KELT MID	OBV TREND
75	53.75	56.97	52.06	SIDEWAYS
CLICK IMAGE TO SEE IT LARGER IN ITS OWN BROWSER WINDOW

What's the RSI telling me?
RSI - 70/80 represents a Very Over Bought stock and profit selling could be right around the corner.
> BMY's RSI is 75 ... man, this is a red flag for me as by definition this is considered overbought ... I'm watching vs buying if you ask me.
Support Lines
SMA - When looking for a 'Low Entry' purchase we would love to BUY near the 100 day or 200 day support line. Its not 100% but its a 'Buy Low' situation vs 'Buying High'
> Support lines are tuff to read here because BMY is getting some serious traction right now and moving higher ... with support lines be a lagging indicator we need to see some more trading days to get a good feel for what is what.
Keltner Channel Breakdown
KC - The stock is trading UNDER the KC MID line which presents more of a 'Low Entry' purchase and now is the time for me to start watching the stock. I like buying for value UNDER the MID line.
> BMY is rocking and now trades ABOVE the KC MID so this is trading above its normal range ... I like to buy UNDER the KC MID to feel like I getting that Low Entry purchase.
On Balance Volume or buying momentum ... is it trending Up?
OBV - The 'On Balance Volume' trend line is DOWN/SIDEWAYS which tells me that buying momentum has stalled. For me its touch and go as to whether I'm IN or OUT because this isn't a CLEAR indicator. For me, more no than yes right now.
> OBV is trending sideways to higher, momentum is good with BMY
Further research with - Using charts for technical analysis, Dividend information and Earnings Report Date
RSI, SUPPORT LINES		KELTNER, OBV
View Chart-BMY		View Chart-BMY
Definition of the various charting indicators I use
RSI - The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. Source - https://www.investopedia.com/terms/r/rsi.asp
SMA (100/200) - A simple moving average (SMA) is an arithmetic moving average calculated by adding recent closing prices and then dividing that by the number of time periods in the calculation average. ... Short-term averages respond quickly to changes in the price of the underlying, while long-term averages are slow to react. Source - https://www.investopedia.com/terms/s/sma.asp
KC - The Keltner Channel is a moving average band indicator whose upper and lower bands adapt to changes in volatility by using the average true range. The Keltner Channel is used to signal possible price breakouts, show trend, and give overbought and oversold readings. Source - https://www.investopedia.com/terms/k/keltnerchannel.asp
OBV - On-balance volume (OBV) is a technical trading momentum indicator that uses volume flow to predict changes in stock price. ... He believed that when volume increases sharply without a significant change in the stock's price, the price will eventually jump upward or fall downward. Source - https://www.investopedia.com/terms/o/onbalancevolume.asp
Disclaimer - No - at the time of this posting I do not have a position in this equity. I will not take a position in this equity for 3 days of this equity as to not front run for this equity.
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