It may not be a fancy company. And it’s not your typical stock to trade. But Bristol Myers Squibb Company (NYSE: BMY) is perfectly positioned to rally. In fact, this is the best opportunity in 10 months to own one of Wall Street’s top pharma companies.
The secret of this trade is watching the 200-day moving average like a hawk. The 200-day is a place where big money often invests. Look at the last two rallies (blue circles) that started at this moving average.
The first rally was in March, as the shares shot 21% higher to $28.85 from $23.66. The second rally began in August at $24.93, where the shares exploded 40% higher.
I see the optimal entry as $31.76. Based on the past, Bristol Myers Squibb stock is poised to rocket higher over the next few months.
Equities mentioned in this article: BMY