Up, Up & Away... mostly. Looks at CNLG, YMI, and SSHS
By James E. Brumley Published: Wednesday, April 7, 2010 @ 7:53 AM PDT
If the name YM BioSciences Inc. (AMEX:YMI) rings a bell, it's probably because I've mentioned it a couple of times recently, with the last time being the 'breakout' comments from March 29th. Since then, YMI has delivered on all fronts, gaining 7%, but more importantly, cementing the breakout move in place. Soooo....
It's time to start talking about targets. Right off the bat I see two - and only two - for YMI. The first one is currently at $1.64, but falling a little every day. It's based on the falling resistance line that extends back to the highs from August and September. The second target level for YM BioSciences is the horizontal ceiling around $1.82, which was a big problem for this small cap back in January.
Either way, it's a decent gain and a high-odds trade. Take a look at the volume bars and you'll see why. YM BioSciences Inc. has drawn out more buyers in the last week and a half than it has in months, and the rebound happened at a known support level. the market's not going to blow that off.