ChiefI was looking at oncy's chart and it seems to me that it is nearing a near term moment of truth.
it has been in a clear downtrend since the high of april 04 - and has bounced off that downtrend line several times without being able to penetrate to the upside (see late Sep/04, again in late Feb/05 and May/05)
that downtrend line is now fast approaching the current support of $3.03 and it looks to me like something will have to give in the not too distant future.
there is a possibility oncy could be pulled up by the general rally in the biotechs, but it seems to me there is also a distinct possibilty it could go the other way. if that happens, i don't see any support whatsoever until it hits the $2.10 US - $2.15 area.
if it breaks to the upside, it looks to me like there would be a fair amount of resistance at $4.00, again at $4.80 and beyond that at $6.
without any substantive news i don't see it making any significant move higher through all those resistance levels (i don't expect any sustainable move higher when they finally announce commencement of US ph I trials - they need some meaningful results and not a 6 patient phaseless prostate trial)
while the probability of a move higher looks greater than a move lower only because of biotech in general (not due to anything the company has done), if this stock breaks down technically, you will be able to buy it at $2.15 US, imo.
with biotech in rally mode, i suspect there are a lot of bios with much better technicals, risk/rewards and that are in later stage trials expecting significant results.
any thoughts on my read of the technicals? TIA