Pennies are back. They got more active during these few weeks. Not everyone like pennies though, as they are much more volatile than your regular blue chips. Do trade with cautious and they might spike up or down suddenly. Let us look through a few, for educational purposes.
Daily chart: Broke short term resistance of $0.165 successfully
Moving Averages: Good, as 20dma is above 50dma
New Support: $0.165
Next level: $0.148
Trading Volume: Good, because we are seeing increasing volume for the past 2 days too.
Short Term Resistance: $0.19. Then $0.20.
One thing to note… Whole morning and afternoon, no unusual
volume. Surge in volume came in from 4.20pm onwards…
And this was announced after the market closed….
Breakout: Looks like Nam Cheong is attempting a breakout
Bullish Moving Averages: 20dma and 50dma crossover
Stochastic Signals: Looks like more room for upside
Volume: Increasing volume for the past 2 days too
See if price can stay above $0.185 tomorrow. If so, $0.185 might be the new support.
Otherwise, if the price close lower than $0.185 tomorrow, the chart will not look good.