Monday Penny Sleuth Watchlist: Greece’s Problems Slide Away
Markets opened higher this morning following news late on Friday that pointed to an EU-sponsored safety net for Greece. That news spurred a tiny rally in the Euro, which in turn forced Euro-shorters to cover their positions. But regardless of what’s going on in the broad market, a small subset of penny stocks is what we’ve got our attention turned to today.
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 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… Remember, if you want to get first crack at these penny stock plays, make sure you’re following me on Twitter!
Popular, Inc. (NASDAQ: BPOP) – Puerto Rico-based banking company Popular, Inc. has faced slow growth in the past year. But the company, which operates under the Banco Popular banner, should see share prices increase in the near future thanks to a bullish pennant pattern. As usual, don’t consider going long this issue until it actually breaks out.
The Dixie Group Inc. (NASDAQ: DXYN) – Carpet and rug maker Dixie Group could be facing even higher share prices following a sizable rally that sent shares up nearly 60% already in 2010. With the company now at a 52-week high, and shares consolidating, this play is primed to make a second leg of it.
Universal Security Instruments (AMEX: UUU) – This tiny smoke alarm company has been locked in a nice uptrend for some time now, a phenomenon that gives investors a well-defined buy target. Wait for shares to fall back to trend channel support before buying shares. That’s most likely going to happen right above the $6 mark.
Beazer Homes USA (NYSE: BZH) – This homebuilder has seen a difficult market in the past couple of years, and those economic headwinds should continue to challenge hard-up shareholders. A bearish descending triangle is forming in shares right now. The short-side trigger is a breakdown below resistance.
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, April 2.
Cheers,
Jonas Elmerraji
Managing Editor, Penny Sleuth
March 29, 2010
Monday Penny Sleuth Watchlist: Greece’s Problems Slide Away was originally featured in the Penny Sleuth.
This story was originally featured on Penny Sleuth.
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Whistler Blowers, Insiders
many thanks for the savvy penny shares advice…