Monday Penny Stock Watchlist: 3 New Ascending Triangle Trades
This week, we’re turning to one of my favorite technical setups, the ascending triangle pattern, to eke out some potential gains in the market…
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!
Horizon Bancorp (NASDAQ: HBNC) – This regional banking stock is making an appearance on the watchlist for the third week in a row. That’s because this chart continues to pose an attractive setup for small-cap traders. Once shares break above $23, we’ll have reason to go long.
International Assets Holding Corporation (NASDAQ: IAAC) – IAAC is a small-cap financial services firm that’s also offering investors a potential ascending triangle breakout. The key level for this stock is $23 – don’t even think about buying shares until then.
Parametric Technology Corp (NASDAQ: PMTC) – Our sole non-triangle play this week is Parametric Technology Corp, a software development company. Shares of PMTC just underwent a bullish moving average crossover, and are seeing increased average volume. This stock could be primed for a bounce higher…
ePlus Inc. (NASDAQ: PLUS) – Another software firm on this week’s watchlist is ePlus. This ascending triangle trade triggers on a push above $19. As with all of the other stocks on this week’s list, increased market volatility and relatively low volumes can create losses – always place a stop on a purely technical trade.
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, August 27.
[Independence Note: Unlike scores of other penny stock resources, we’re 100% independent from the companies we talk about in the Sleuth – that means that we never accept compensation in exchange for profiling a company, and our editors never own a position in any stocks they talk about.]
Cheers,
Jonas Elmerraji
Managing Editor, Penny Sleuth
August 23, 2010
Monday Penny Stock Watchlist: 3 New Ascending Triangle Trades 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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