WingedFury
Long

$ONTX (Onconova Therapeutics) Triple Bottom

NASDAQ:ONTX   ONCONOVA THERAPEUTICS INC
ONTX             Triple Bottom with increasing volume . I'm looking to be moderately conservative on this buy; the 38.2% Fibonacci level will act as a nice price target for this bullish play.

snapshot
Viewing this chart, one can see that ONTX             has been unable to sustain its gains above the 50% fibline, so you may be able to sell at that point, but as a low float stock anything can happen - it's better to be cautious and take gains in my opinion.

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$ONTX I am not a big fan of triple bottoms but with such a huge daily accumulation & a convincing close on Friday I would bet on a breakout. Divergences very positive so something is cooking there.
+1 Reply
WingedFury pjablonowski
I strongly agree. Since the company has ended the dilution of their shares, accumulation and buying volume has been quite substantial. Personally, I think that this is coiling up for a bigger move then what I have charted here, I just don't want to mislead anyone. Appreciate the feedback!
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