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Monday, October 28, 2013

BMY

BMY was one of few breakouts today, and is interesting in a couple of things I noticed here. First off, this is a cup and handle pattern, but the handle is rising rather than sloping down, which (if I recall correctly) is a pretty serious flaw. The second is the price relative line. In the right side of the base, we see lots of accumulation going on, and it continues right up the high point of the handle. At that point, the price relative line gets up to about where is was when it peaked in May, but failed to get to a new high until today, thus keeping it off my radar. I know the big money boys are pretty good at hiding accumulation, but they aren't that good, are they?

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