Monday Penny Stock Watchlist: Taking Stock of 4 More Penny Plays
The watchlist returns to Monday this week…
Nearly 1,000 of you fillout out the Penny Sleuth’s watchlist survey last week, giving us plenty of fodder for future watchlists. And while we’re still tabulating the results, one thing that was very clear is that you wanted the watchlist to return to Monday – so it’s staying at the start of the week.
For those of you who responded to the survey, we’ll let you know if you were a Penny Sleuth Prize Package winner later this week. Until then, let’s try to win with some nice stock setups…
In case you’re not familiar, each week, the Penny Sleuth takes a look at a list of penny stocks that are exhibiting abnormal volume, strong technicals, upcoming news, or another catalyst that suggested they might be making a material move in the coming week.
As usual, while our Watchlist errs on the safe side of small-caps, using technical analysis to tell us where a stock is headed, we’ve opened the comments up to readers again this week, giving you the chance to offer up more speculative penny stock plays.
Check out the comments after this article to get a glimpse at a slew of new user-submitter penny stock picks – and the chance to submit your own!
First, though, let’s take a look at this week’s breakout penny stocks worth watching…
Overhill Farms (AMEX: OFI) – This frozen food stock may look familiar to some; it made last week’s cut as well. Right now shares are still making up a picture-perfect ascending triangle pattern, a signal that this company could forge a breakout in the next week or so. A break above $6.40 sends the buy signal on this play.
NxStage Medical (NASDAQ: NXTM) – Shares of this medical development company are also forming a bullish ascending triangle right now. That said, this pattern isn’t quite as evolved as Overhill’s is. Wait for a push above $14.25 before going long.
Netlist (NASDAQ: NLST) – Netlist is a semiconductor play that’s been trending down for the last few months. But that downward pressure looks more like a wedge down – a potential reversal pattern right now. Given this stock’s break above the upper resistance line, a move higher could come in the next couple of days – just wait for a push over the red 200-day moving average.
Affymax (NASDAQ: AFFY) – This drug developer just suffered a major breakdown on the heels of a brutal downgrade. Lower ground could still be seen before the week’s end.
Share Your Penny Stock Picks…
Once again, we’re going interactive this week…
Just post your best penny stock pick in the comments section of this week’s Watchlist by Friday, June 25.
June 21, 2010
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