Oncothyreon Breeches HOD, Ready to Break Higher

Shares of Oncothyreon

are trading higher on the session by 1.51%, at $8.14. The stock hit a fresh daily high (at $8.20) just moments ago, as it pierced through $8.14. Oncothyreon has been consolidating into a bullish flag pattern over the past few days following an amazing leap higher on December 6th. While it looked like shares would form a top there (given the spinning top formation the following day), shares have now formed a bullish engulfing pattern. This indicates that there could be more fuel in this tank. The 22.43% short interest does hurt the bulls' chances of another rally either. Day traders can get long the name right here with a stop loss at $8.09. The risk reward is plentiful: five pennies down and as much as 36 cents higher. Oncothyreon Inc. is a clinical-stage biopharmaceutical company. Oncothyreon is focused primarily on the development of therapeutic products for the treatment of cancer.