Bristol-Myers Squibb regains footing - Analysis - 13-09-2022

Bristol-Myers Squibb's stock (BMY) surged in the last session after the FDA approved Sotyktu, the first mouth-administered medicine to treat medium to advanced psoriasis in nearly 10 years, with the stock surging 3.14%, or 2.20 points, and settling at 72.36, after hitting a session-high at 75.99, with trading volumes surpassing 23.8 million shares, above 10-day averages of 11.6 million shares. 

Technically, the stock managed to shake off negative pressure from the 50-day SMA, amid the dominance of the main upward short-term trend, with positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the pivotal resistance of 80.58, provided it settles above 71.71. 

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Expected trend for today: Bullish