[isatrader]

Hi Isa,
I was hoping you could comment on ONC.TO. It is a biotech and the chart looks very good, I think. It broke out on huge volume in January (ran from around 1.50-8), it pulled back and is now  back above a rising  30 MA and above the weekly cloud. Last week very good volume came in and it is not too far from the 30 MA. The only issue I can see is that the 50 MA is below the 150 MA on the daily still so maybe I would need to enter if the 50 MA gets above the 150 MA on the daily. 

Thanks for your thoughts.

Hi marry123,

Technically it is looking promising short term, with a volume pop and contraction on the recent early move, and so a close above $3ish would be a potential short term buy point. However, it's highly speculative so not something I'd consider personally, as the percentage distance of the -2x the 52 week ATR max stop loss that I use would be -49% below the current price, and I prefer for this figure to be more in the -10% range personally, as anything below that becomes exponentially more difficult to recover from. So is a reasonable short term setup if it breaks out, but extremely high risk imo as its average weekly range is around 25%.