$BMY has been in a “Go” trend since mid July.
We have seen a series of higher highs and higher lows since then and GoNoGo Trend has painted nothing but blue and aqua “Go” bars. During this time, we see that GoNoGo Oscillator has continued to find support at the zero line, staying at or above that level for the vast majority of the time. Most recently, price gapped to new highs and as price fell back from those levels we watched to see if the gap would provide support. Indeed, price fell to test the lower bound of the gap and seems to have found support. Concurrently, GoNoGo Oscillator has found support yet again at the the zero level. This adds to the idea that there is a great deal of support at around $56. With momentum resurgent in the direction of the “Go” trend, we will watch to see if this gives price the push it needs to mount an attack on new highs.
