Monday, October 17, 2011
$YMI Trading in a falling wedge
$YMI trading in a falling wedge, we can see the volatility squeeze and consolidation through the Bollinger bands that get horizontal and very close to each other, the breakout of the upper band and the downtrend line (cyan) will lead for a wild breakout and uptrend toward the weekly resistance point @ $2.55 & the 200MA.
Meanwhile the price trading side-way and have to deal with the 50MA too, we might see recheck of the lower band before the breakout as the Stochastic start turning down from the overbought zone and should clear out, in the other side we can see a positive divergence in the RSI & MACD.
For the guys that already holding, keep holding as the price will start moving as we get close to Dec 2011 where the company expects to report final efficacy data from P3 adult brain cancer (glioma) trial till year end, and is enrolling patients in ongoing P2B/3 trial for pancreatic cancer
The second catalyst is CYT387 (a JAK1 / JAK2 Kinase Inhibitor) YMI Expects to report data from expanded group of patients (166 enrolled) in ongoing P1/2 trial for patients w/ myelofibrosis in DEC 2011 (expected at ASH mtg Dec 10-13), on 9/28/11 enrolled first patients in P2 trial to evaluate twice-daily (BID) dosing, results expected 4Q12
For the guys that it's only in the watching list, Breaking out the upper falling wedge line with a large volume and closing above will be a buying point.
Disclosure: no position yet.