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Bristol-Myers Continues to Show Bottoming Price Action on the Charts

Bruce Kamich

is in the news Monday as they plan the sale of their plaque psoriasis and psoriatic arthritis drug Otezla to win FTC approval for their $74 billion Celgene Corp. In this daily bar chart of BMY, below, we can see that prices sold off sharply in October and made a lower low in early January. The daily On-Balance-Volume (OBV) line shows a mostly bearish trend from October signaling aggressive selling.