$BMY has been in a “Go” trend since the end of October.
Since then we’ve seen a series of higher highs and higher lows as GoNoGo Trend has painted primarily bright blue “Go” bars. During this trend, GoNoGo Oscillator has been at or above the zero line, confirming and providing support for the price movement. At the last high in mid January, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, GoNoGo Trend painted a majority of weaker aqua bars since then as price moved mostly sideways and GoNoGo Oscillator fell to the zero line. It became embroiled in a Max GoNoGo Squeeze reflecting the virtual tug of war between buyers and sellers at this level. Now, we see that the oscillator has broken out of the Squeeze into positive territory and GoNoGo Trend paints another strong blue bar as price breaks above overhead resistance. With momentum resurgent in the direction of the underlying “Go” trend (green circle, Go Trend Continuation Icon), we will look for price to consolidate at these highs before potentially moving higher.
