Four Charts with Market-Beating Potential
Yesterdays break from trading gave investors a chance to collect themselves after a few brutal weeks of stock market mayhem. Futures are pointing toward a strong open today – a welcome change for a market thats down more than 5% in the last month. But regardless of which way the market moves, the Penny Sleuth team is sticking to what we know best: finding the tiny stocks with serious breakout potential this week…
In case youre not familiar, each week, we take 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 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 on the Penny Sleuth website to get a glimpse at a slew of new user-submitter penny stock picks – and the chance to submit your own!
First, though, lets take a look at this weeks breakout penny stocks worth watching…
Ruby Tuesday (NYSE: RT) – Investors are hungry for gains right now… Those gains could come courtesy of a different kind of hunger: hungry consumers. Restaurant chain Ruby Tuesday is fast approaching a key resistance level right below $8.00 per share. If shares can push above that level, expect a rally past $9.00 in the immediate term. Wait for that “buy” signal before going long.
Ocwen Financial Corp (NYSE: OCN) – Asset manager Ocwen Financial has been rallying hard over the course of the last week or two. But significant resistance at $10.50 presents an interesting trade for us. If Ocwen can break the $10.50 level, expect a rally to the 200-day moving average – otherwise, count on shares to tumble back down to $9.59.
Seahawk Drilling (NASDAQ: HAWK) – Things are looking good for Seahawk Drilling. The Houston-based oil service company recently broke out above downtrending resistance, and confirmed support at that level on Friday. Expect shares to move higher this week assuming a second consecutive close above the blue line today.
Media General (NYSE: MEG) – Diversified media company Media General isnt having as strong of a technical outlook as its investors hoped for. In fact, with a descending triangle forming in the stock right now, things look pretty bearish. Thats why this play is our downside play for the week. Wait for a breach of support before betting against this stock.
Share Your Penny Stock Picks…
Once again, were going interactive this week…
Just post your recommendation in the comments section of this article between now and the markets close on Friday, February 19 to share your favorite penny stock play with the rest of the world.
Cheers,
Jonas Elmerraji
February 16, 2010
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