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Wednesday, June 13, 2007 

BMY upgraded , DF downgraded

Chart courtesy of stockcharts

Shares of Bristol-Myers Squibb moved higher today more than 3% closing at 29.74$ after a Citigroup analyst upgraded the drug company's stock to "Buy" from "Hold", citing potential for improving profit and reiterated a $33 price target. This news had a huge impact on share price, looking at the technical chart this news brought a new investor confidence to the stock looking to RSI indicator that increased significantly their value and is now a little above 50 at neutral zone. MACD and CCI stop decline and are now moving up, so I suspect that stock will retest 30.50$ level again and perhaps break it !!!

Chart courtesy of stockcharts

On the other hand J.P. Morgan downgraded dairy food and beverages group Dean Foods Co. to neutral from overweight, citing a more cautious tone from management and concern about further cuts to earnings guidance. The impact of this news in share price was minimum stock rose 1% to 31.44$ , however the technical chart show a clear descending triangle with the major support at 31$, at this levels a bounce it's more than probably. Resistance 33$.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice evening !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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