technical breakout buy signal

OBJ stock price action is extremely positive. Since the recent low of 3 cents the ON Balance Volume has screamed to a positive 250 million shares. This volume does not include the "off market" trades that were done by insiders. IMHO the small amount of insider selling may have fooled some folks into selling and that probably was taken out yesterday.

Stochastics were very oversold and turned positive over the last few days setting off a very strong buy signal. The fact that OBV is +275 million (incl off market sales) out of 350 million issued shares IMHO means that there is very little bearish overhang left. Yesterdays chart action gives a (optimistic case) projection to at least 18-20 cents probably in a bout of sharp frenetic trading (just be ready to pull the trigger if the volume and momentum breaks down).

Am treating this one as a purely trading situation as I do not have a clue about the merits of the technology. Have some local US contacts who work in pharma and are familiar with Australian biotechs and they suggest that OBJ "may" be very cheap at these levels. Without knowing if a Pharma deal is in the wings the appreciation factor on signing onto trials with big pharma is an increase in valuation of about 10 times pre-news valuation. This speculation is driving OBJ into a moonshot. Good luck to all longs. Light your cigars, pour a glass of dark rum 'n coke and savor the ride. Big players are at work.