On Tuesday, Bristol Myers Squibb received an upgrade to its Relative Strength (RS) Rating, from 79 to 85.
This proprietary rating tracks technical performance by showing how a stock's price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
Decades of market research shows that the market's biggest winners typically have an RS Rating north of 80 in the early stages of their moves.
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Bristol Myers Squibb broke out earlier, but has fallen back below the prior 61.08 entry from a flat base. If a stock you're watching clears a buy point then falls 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new consolidation and breakout. Also keep in mind that the most recent pattern is a later-stage base, and such bases are more prone to failure.
The company reported -2% earnings growth last quarter. Sales increased 8%.
Bristol Myers Squibb holds the No. 5 rank among its peers in the Medical-Ethical Drugs industry group. Novartis ADR is the No. 1-ranked stock within the group.
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