YM BioSciences Inc. (YMI)

[Harleyman]

from an article

YM BioSciences

YM BioSciences (YMI) is a biopharmaceutical company engaged in the development of products for the treatment of cancer or cancer-related conditions. This stock is trading up 4.5% at $2.06 in recent trading.

Today’s Range: $1.95-$2.15

52-Week Range: $1.03-$3.78

Volume: 733,000

Three-Month Average Volume: 1.1 million

From a technical perspective, YMI is moving notably higher here on decent volume. This move is quickly pushing YMI within range of triggering a near-term breakout trade. That trade will hit once YMI takes out some near-term overhead resistance at $2.22 with high volume.

Traders should now look for long-biased trades if YMI sustains a move or close over $2.22 with volume that’s near or above 1.1 million shares. If we get that action, I would then look to add to any long positions in YMI once it takes out more resistance at $2.50 with volume. If YMI can clear all of those overhead resistance levels, then this stock could easily re-test its next significant overhead resistance levels at $3 to $3.75.

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