Tony's looking for a bottom-fishing play in ONXX:
Could you let us know what you think of ONXX's chart? They took a significant hit after PFE outshadowed them at a recent bio conference. Since then many folks are saying that big money is keeping the stock price down and the stock is close to a significant upside move. Thoughts?
Since I like to follow the intermediate-term trend I'd look for a bounce to short ONXX. But there does appear to be a low-risk entry for longs in the current area. The stock is testing the March low near $25. If I had to play it long here I'd wait for it to show some strength (maybe by taking out the previous day's high or rising above some short-term moving average, etc.) before I bought it. It goes without saying that the stop loss would be placed just under the recent lows.
