This is a list of penny stocks to buy that are trading on the NASDAQ, AMEX and NYSE. Please note this list of penny stocks are for short term trading only, not for investing for the long term. This is a list of stock losers of the day that could become good penny stocks to buy for tomorrow, and usually the holding time will be between anywhere from a few minutes to a few days. If you are a stock market beginner, please check out How to Trade Penny Stocks.
Last Trading Date: 07/22/2016
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Penny Stocks to Buy This Week
Here are 3 interesting penny stocks to buy for this week. Please note, I’m only buying these penny stocks for the short term, not long term. The maximum time I’m planning to hold any of these stocks is 1 week and the goal is to make at 5% or more depends on how the stocks perform.
The penny stocks are AG, CLF and FRO. The reason they are on my watchlist is because all 3 of the stocks are hitting support. I expect a short term bounce back so that I can trade. I’m still waiting for confirmation signal. If any of the stock opens higher tomorrow, then I’m in. My stop loss is right below the support level to reduce my risk. On the other hand, if any of the stocks drop and break support, then I’m consider buying because it then becomes a high risk stock even for the short term. Check out this how to buy penny stocks guide if you are new to trading.
Stocks to Watch
Here are a 2 non penny stocks to watch, DANG and HSC. HSC made a nice breakout today. It has been trading in the consolidation area for quite a while and breakout with huge volume today. I expect the stock to go higher. I will try to get in if the stock stays above the resistance level. My stop loss will be a little below the current resistance or the new support if the stock is going higher. The target price is 5% as usual.
DANG is also approaching support, but it may drop a little more. I will watch the stock and see how it performs for the next couple of days. If the stock drop to around $8.25, I will load some share. The next support will be around $7.75.
Penny Stock Strategy
On a side note, the stock I posted last week ZQK. I bought it on Monday as it was hitting support and sold it yesterday when it hit my target price. I made about 7% on the stock. The stock continue to go up after I sold and ended up with 20% yesterday. I exited the trade a little too early, but I’m happy with the gain. The stock pulled back today, but is still higher than yesterday’s open price. I expect the stock to be volatile for the next few days and it can go either way. Either way, I’m done with the stock for now.
Let’s discuss two ways that you can trade this stock. You can buy it on Monday while the stock was still trending down. It has more risk as the stock might broke the support level, but it is also more profitable. More risk comes with more profitability.
Another way to trade it is to wait for a confirmation. In this case, you would buy it yesterday when it gaps up. It has less risk but you will have less profit as well. Either way, the best time to sell was yesterday when the stock hit our target price. For beginner traders, sometimes it is really hard to sell when the stock is going up quickly because they hope the stock will keep going. Remember, the longer you hold a penny stock, the more risk you have.