YM BioSciences Inc. (YMI)

[rarefind]

YM BioSciences Inc. looks like it's trying to rock its way out of a consolidation phase (orange), and the tail end of a converging wedge (blue). Though YMI hasn't busted out of either confine yet, it is finding support at key moving averages, most of which have already bullishly crossed one another. While not complete, reading between the lines we can sense that a breakout storm is brewing.

YMI is, as the name would suggest, a biotech stock. It's developing a handful of cancer therapies, though its flagship drug is CYT387, for treating myelofibrosis. It's in Phase 2 trials right now. While YM BioSciences may be at least a couple of years away from getting any of its R&D projects approved, banks, brokerage, and research firms have made no bones about their love and hope for the stock. That bullish banter alone could be enough to light a fire under the stock again, and erase last year's tumble from a price of more than $3.00. The spring sure looks coiled anyway.