Penny stock watchlist: Wednesday 5 October 2016
Here is today’s penny stock watchlist: Wednesday 5 October 2016. I will also tweet the watchlist and post it on Facebook as well as provide comments for how the stock closed at the end of the trading day. Note my watchlist is based on certain presets including chart pattern, catalyst, volume and price. Stocks that don’t make the grade don’t make the watchlist. Contact me if you would like my configuration.
SMMT (Long) – had a major day spiking up to $18.39 early in the morning – it held its gains all day until breaking down right at the end. This is a potential dip buy today.
Notes at close: Had a gap down at the open but there were good dip buy opportunitties at 10am as well as 3pm.
RENN (Long) – is a Chinese social media network that announced it is divesting its interests – the reaction was a multi-month breakout. It hasn’t held any of its spikes in the past so be careful with this one.
Notes at close: As predicted it didn’t hold its spike and traded all day below the previous close. No play here.
BIOD (Long) – has had 3 consecutive up days and is a multi-year breakout (since September 2015). It had good volume yesterday however normally holds its highs for 3 days so be careful as it may fade. The company lodged an 8K yesterday which helped it gain 17%.
Notes at close: There wasn’t enough volatility today with only a range of 2c at most for most of the day (4c at one stage). No play here.
BLDP (Long) – is also a potential long play if it has a substantial dip. Keep watching this multi-month breakout.
Notes at close: There was a gain of 10c at the most as there was little volatility and mostly consolidation all day. There was no play here due to lack of price action.
SDRL (Long) – is another potential dip buy.
Notes at close: There was an uptrend for the first hour and a half of 20c (good for scalpers) then consolidated in a tight range for most of the day. It closed a bit stronger but there was no real good entry point apart from the afore-mentioned morning uptrend.
There are three marijuana stocks that may be in play in the morning and spike: MJNA, CBDS and CANN. You may not be able to hold these too long as they may end up fading at some stage during the day. So probably a morning play only.
Notes at close: The junkiest of the three (at 6c) was MJNA and as predicted it went up at the open but only by a puny 1.5c. The rest of the day it did nothing special. There was an uptrend for the first hour and a half of 20c (good for scalpers) then consolidated in a tight range for most of the day. It closed a bit stronger but there was no real good entry point apart from the afore-mentioned morning uptrend. CANN and CBDS will be shorts soon but can still squeeze shorts a bit.
Please read my terms and conditions before trading these stocks and note these are only my opinion and not recommendations to buy or sell. Seek independent advice as penny stocks can be risky.