Updated from 3:47 pm to correct a company name in the text.
Bristol-Myers Squibb (BMY) is up 2% Thursday as it begins to challenge its 2017 peak set back in January at $60.45. BMY is working on a nine-day winning streak, an impressive move that has left behind layers of support. The stock has been trading in a very narrow range all year. A convincing break above the top end of the January high could carry a great deal of upside momentum with it. BMY has initial support in place near $58.50 and should be considered a buy on weakness.
Pfizer (PFE) is also in rally mode Thursday. The stock is up 1.5% and is breaking above a key overhead trendline that links the June and August highs. PFE has a very solid foundation underneath and is set up well for more upside. A key hurdle will be the June spike high near $34.50. Once this area is taken out, PFE will have room to run. Nearby support is in place between $33.60 and $33.00.
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Abbott (ABT) is up just shy of 1.5% and is trading just shy of its 2017 peak. The stock has had a nice run off major support near the July/August lows and is set up well for more gains. A big challenge will be the July peak near $51.00. Once this level is clear, ABT will make a run at its all-time highs set back in 2015 at $51.75. Until then, the stock is a buy on a pullback. Support is in place between $50.50 and $49.60.
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