Bristol-Myers Squibb's Price Pattern Looks Like a W Bottom

Bristol-Myers Squibb (BMY), a large pharmaceutical company, looks to be making a W double bottom. This bullish formation could mean that BMY is ready to break out to the price upside. On December 27, 2005 the company announced the Food and Drug Administration's (FDA) approval of Orencia, a drug for rheumatoid arthritis with a potential one billion dollar market.