52-Week Range: $1.55-$5.16
Tuesday's Volume: 285,000
Three-Month Average Volume: 804,652 From a technical perspective, ONTY jumped modestly higher here back above its 50-day moving average of $1.87 with lighter-than-average volume. This stock recently formed a triple bottom chart pattern at $1.78, $1.79 and $1.75. Following that bottom, shares of ONTY have started to spike higher and push within range of triggering a near-term breakout trade. That trade will hit if ONTY manages to take out some near-term overhead resistance levels at $1.92 to $1.99 and then $2.16 with high volume. Traders should now look for long-biased trades in ONTY as long as it's trending above some key near-term support at $1.75 and then once it sustains a move or close above those breakout levels with volume that hits near or above 804,652 shares. If that breakout hits soon, then ONTY will set up to re-test or possibly take out its next major overhead resistance levels at $2.43 to $2.70, or even $2.81. Any high-volume move above $2.81 will then give ONTY a chance to re-fill some of its previous gap down zone from late 2012 that started near $5.