Oncothyreon Inc (USA) (NASDAQ: ONTY)
Oncothyreon Inc had amazing news to present at the ASCO 2015 conference. After releasing data about its recent lung cancer study, the stock skyrocketed. However, a correction yesterday essentially gave up about half of the gains we saw. However, looking at the chart today, I see another possible breakout; and it looks like it’s going to happen soon. Today, we’ll take a look at the ONTY stock chart and get a feel for what’s likely to happen short term. We’ll also talk a bit about why I believe we’re going to see long term gains from Oncothyreon stock.
The ONTY Stock Chart Tells Us We’re Going To See A Break
Looking at the Oncothyreon stock chart to the left, there are a few things that are clear. First off, yesterday’s breakout was very nice. We can also see that after peaking out well above the $4.50 per share mark, the stock corrected; giving up about half of its gains. Since then, we’ve seen a flag start to appear in the chart. This is a very important pattern to the trader because it generally means that the market is taking a break after a breakout, and is likely to continue moving in the breakout’s direction relatively soon. Another thing we notice in this flag is that the support and resistance lines are getting closer and closer together; forming a triangle. This is also a clear indication that a breakout is likely on the way. So, considering what the chart is telling us about ONTY, I think that we can expect to see a breakout in the positive direction relatively soon.
What We Can Expect From Oncothyreon Stock In The Long Run
In the long run, I’m expecting to see even more growth out of Oncothyreon stock. The reality is that the company is continually working to increase its pipeline of candidates and move its currently pipeline closer and closer to FDA approval. The recent ASCO presentation showed that ONT-380 is proving to be effective and well-tolerated in patients with lung cancer; this is likely going to turn into long run profits! Also, with a strong team including doctors, scientists and other professionals, I’m expecting to see more profitable innovation from the company moving forward.
What Do You Think?
Where do you think ONTY is headed moving forward? Let us know in the comments below!