Penny Stock Trading Patterns: $ZOLT, $KEG, $AACC, $CNW
Do you think you have what it takes to pick the week’s best-performing small-cap play? This week, you’re in the driver’s seat once again with the return of the Penny Sleuth’s stock picking contest – just post your favorite small-cap stock pick on the Sleuth website for your chance to win a special edition DVD of I.O.U.S.A. More on that in a minute…
The market’s starting off the week with mixed emotions – while Europe continues to weigh heavily on markets here at home, positive fundamental news, like GM’s first profit in three years, is keeping U.S. stocks from falling excessively early in Monday’s trading.
That’s where our weekly penny stock watchlist comes in. 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…
Zoltek Companies (NASDAQ: ZOLT) – Shares of this carbon fiber company have been seeing increased buying in 2010 following improved financial numbers earlier this month. Now, Zoltek could be headed even higher thanks to an inverse head and shoulders pattern that’s forming in the company’s chart. Wait for a breach of shoulder level before thinking about picking up shares.
Asset Acceptance Capital Corp. (NASDAQ: AACC) – This publicly traded debt collection company might see additional upside this week thanks to a bullish moving average crossover. Monday’s downside movement suggests that the best entry point could come later in the week. Wait to buy into strength…
Key Energy Services (NYSE: KEG) – Key Energy Services provides oil well services to companies all over the world, operating primarily in oil and gas producing regions of the U.S. And while this stock hasn’t been that impressive fundamentally this year, its stock price could continue to climb thanks to a bullish ascending triangle pattern. Wait for a break above $11.25 before going long.
Biodel Inc. (NASDAQ: BIOD) – Development stage biotech Biodel has two technical patterns forming that bode well for it: a pennant continuation pattern and a bullish moving average crossover. As with AACC, wait for market strength before taking on a stake in this stock.
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, May 21. The two readers with the best performing picks each score a Penny Sleuth Prize Package that includes a special edition DVD of I.O.U.S.A.
Cheers,
Jonas Elmerraji
Managing Editor, Penny Sleuth
May 17, 2010
Penny Stock Trading Patterns: $ZOLT, $KEG, $AACC, $CNW was originally featured in the Penny Sleuth. Check out Wall Street’s 5 Most Profitable Penny Stock Patterns Report.
This story was originally featured on Penny Sleuth.
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