Penny Stocks for 2010: MTRX, NGT, GLBC, PVCT

The markets have made quite a run for it in the last month – the S&P 500 alone is up 6.71% in the past 20 trading days. And as a result, we’ve seen small-cap stocks bring in significant gain potential. Take our weekly watchlist, for instance… Since we started publishing our list of penny stocks most likely to make a move back in October, we’ve seen quite a few opportunities to make triple-digit gains. Here’s a look at four more penny stocks for 2010 that stand to make gains this month…

All told, 90% of the stocks we’ve featured have given investors the chance to profit in the weeks since recommending them. That’s a significant success rate given the fact that the market has remained more or less flat over that time.

The key to successful small-cap trading is taking smart entry and exit points. That means buying shares when they cross a significant technical threshold (which I usually point out in each stock’s blurb) and selling when they cross another. We’ll take a closer look at successful trading strategies in a future issue…

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…

Penny Stocks 2010

Matrix Service Company (NASDAQ: MTRX) – Construction and maintenance contractor Matrix Service Company serves clients in the energy industry. But the company’s stock could be serving long-side shareholders if a bullish inverse head and shoulder pattern plays out. Wait for a bounce off of shoulder level at $11.50 before considering going long this issue.

Provectus Pharmaceuticals (OTC: PVCT) – This small-cap pharmaceutical company is looking potentially bullish right now thanks to a pennant continuation pattern that’s formed in the stock’s chart. That pattern suggests an upside price target of close to $1.90 – an almost 40% upside swing. Don’t take the trade until it breaks above the pennant’s resistance level.

Eastern American Natural Gas Trust (NYSE: NGT) – This natural gas trust, which owns stakes in 650 producing gas wells and 65 development wells in West Virginia and Pennsylvania, could be on the verge of a technical breakout right now. Shares have been forming an ascending triangle for a few months now – one that could spell a big jump on a break over $23.90.

Global Crossing Ltd. (NASDAQ: GLBC) – Bermuda-based communication service provider Global Crossing could be in store for some gains with an ascending triangle forming right now in the company’s stock chart. But this pattern’s still a while from coming to fruition, so hold tight and wait for a break above resistance to make your stake.

Share Your Penny Stock Picks…

Once again, we’re going interactive this week…

Just post your best penny stock pick below in the comments section of this week’s Watchlist by Friday, March 19.

Cheers,
Jonas Elmerraji
Managing Editor, Penny Sleuth

March 15, 2010

Penny Stocks for 2010: MTRX, NGT, GLBC, PVCT was originally featured in the Penny Sleuth.

This story was originally featured on Penny Sleuth.

Read the original story at Penny Sleuth :: Jonas Elmerraji