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Stock Pickers Review      1-May-09 12:02 pm    
1. Oncothyreon

First up is Oncothyreon. This clinical-stage biopharmaceutical company is developing a lead product candidate called Stimuvax, a cancer vaccine that is in phase III development for non-small-cell lung cancer.

Looking at the chart below, you can see that that the stock has hit some very significant resistance at around $4.70 to $4.89 a share. As the stock moved into this overhead resistance, volume surge to more than 1 million shares, which is well above the average daily volume of 71,000 shares.

The surge in trading volume occurred on the same day that Dendreon released its key cancer drug data, so it’s probably safe to assume that many investors poured into this stock off the positive Dendreon news. It’s possible that many of those market players failed to look at the chart and see the danger of buying the stock into such heavy resistance.

Shares could now be ready for a big pullback when you consider the enormous parabolic move the stock has made in just two months. Investors who are bullish on the future of Oncothyreon may want to wait for lower prices to initiate a position.


Sentiment : Strong Buy
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messaaaa

Connecticut


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