NEW video lesson: Scalp and swing trading penny stocks BREAKDOWNS (fish hook)
NEW video lesson: Scalp and swing trading penny stock BREAKOUTS (rocket)
RLX was last week’s big winner, ramping from $1.80 to the $2.60’s across the week. PXMD was another monster from the list and made the list again this week.
For RLX, notice how it tested that $1.80 resistance 3x and broke. That was the thesis on the trade that it would run to middle $2’s off that base of support at $1.80 and sure enough, it trended right up there.
NEW video lesson: The Weekly Game Plan is the same process I use to plan my trading week.
TLRY banking reforms for the cannabis industry being pushed by Democrats and a landmark marijuana research bill signed into law by President Biden has the sector on the move. TLRY is my favorite (ACB, CGC) and above $4.50 there’s room for a major breakout through $5.
SOFI technically isn’t a small-cap, but it is a stock I think could double in 2023 so I watch it very closely for swings and / or a long-term position. It’s no doubt looking weak down below $5, however, if it gets back above $5 anytime soon, I think a trend to $8 is very likely. Companies like this are the future of banking and I really like the January effect on SOFI. In play above $4.50’s, swing for $5.50’s. Technically a mid-cap so I like to go bigger and look for smaller percent returns so in this case, 5-10%. One of my favorite long-term holds right now.
SHPH is a nano-cap (<$50M market cap) that put in a big move on Friday and given the tiny float of 5.3M shares, it has the potential to fly this week. The last time it made a big move shares rose from $12’s to the upper $40’s in just a few days. Given the volatility here I’d say it’s in play above $2, range to $4. Goal 20-30% if it works for an exit.
PXMD has a tiny float of 620K, yes, not even 1M and of that 40% of it is short. This nano-cap has the potential to really run. It was a big winner off the list last week and I don’t think it’s done. A $3 pivot and I think this could move $1-2 more.
FUBO is struggling to move up with the IWM (small-cap index) and that’s because of their debt. But with a market cap of only ~$500M I really think a bigger player might swoop in and scoop them up. There’s a good base of support in the $2.50’s so that’s the stop loss and 10-20% on the way up is the goal if it starts to trend.
SLDP is a breakdown I really like and this video lesson I did Sunday explains why. If $3 can hold, I think a move back to $4 is possible here. Note the last time the RSI was sharply oversold it range from $6 to $9 in a short period of time.
VUZI is a good company as far as I’m concerned but I wouldn’t expect fireworks on this one. Instead I’m looking for a trend to $6 or even $7 in the weeks to come. Certainly a good looking January effect play too. Smart glasses like they have are the future (until Elon puts chips in our brain) and VUZI is likely to get bought by companies like META who have made it clear they are moving into this space bigtime. Pretty clear support at $4 and a good long-term hold too I think.
SEV with a market cap of about $100M, which happens to be the sweet spot for me, I like this rounding bottom for a move to the upper $1’s. The car looks pretty cool and with production slated for the second half of 2023, we might have seen the lows here. January effect is definitely in play so while it might fade back down, I think a big runup in 2023 is likely.
LUCD is a smaller micro-cap and has a very small float ~9M which means it can fly when conditions are right. What I like is how it’s trading off the recent $1.80 support and range to middle $2’s if it works. Just a really good looking pattern at a time when small-caps as a whole are heating up. Of particular importance is the 10% stake filed recently with an average of $1.92.
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