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Don’t Miss These Eight Small-Cap Stocks Set to Move Even Higher in 2010 by elmerraji jonas

In case you’re not familiar, each week, we at Penny Sleuth take 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 opened the comments up to readers again this week, giving you the chance to offer up more speculative penny stock plays.

Let’s take a look at some recently listed breakout penny stocks worth watchingâ€

NBS, MYE, MMR, DIVX

NeoStem Inc. (AMEX: NBS) â€" Shares of this small-cap stem cell bank are up big following what seemed like a good earnings release. But the real reason for the size of the pop is the ascending triangle that formed between mid-December and now. With the stock only in its third day of the breakout as of this writing, we can expect shares to move higher yet this week.

Myers Industries (NYSE: MYE) â€" Myers Industries, a company that manufactures polymer products and tools, is facing a similar pattern as its predecessor. But unlike NeoStem, this company is still in the early stages of forming an ascending triangle. While that makes this company a slightly riskier bet, it also means that we could benefit from the biggest part of the breakout assuming the stock stays bounded.

McMoRan Exploration (NYSE: MMR) â€" New Orleans-based oil and gas exploration company McMoRan Exploration is seeing a pretty great year in 2010 after the announcement of a new find caused the stock to breakout well above previous double-top resistance. Now, with shares consolidating way above December levels, we could see a continuation in the climb. Don’t discount this stock just because of its runup.

DivX Inc. (NASDAQ: DIVX) â€" Video software company DivX is our sole downside play this go-round. Shares turned tail in early January following a significant rally that calmed shareholders’ fears after a series of slides in late 2009. But with support well below current levels, going long this stock isn’t recommended right now.

Four More Rebound Plays for a Market Comeback

In talking about penny stocks and ones that could potentially rebound, let’s first look at recent history. There’s no two ways about it: the week of January 18 was a terrible one for investors. The S&P 500 index, a good proxy for the market as a whole, shed 3.89% in four trading sessions that week â€" a shortened week due to the MLK Jr. holiday.

But while most stocks slid precipitously, we actually managed to continue our trend of good-sized gains by looking for predictable technical patterns. On average, that week’s Watchlist plays gained 6.18%, outperforming the market’s drop by 10.07%.

That’s an annualized gain of 312%â€

Looking ahead, we’ll keep doing what we’ve always been doing: try to better the previous week’s still-impressive run.

BNXR, MXGD, ABII, GSAT

Abraxis BioScience (NASDAQ: ABII) â€" Abraxis Bioscience is staging an ascending triangle right now, a bullish signal that suggests shares of the biotech company are due for an upward breakout. Coupled with a bullish moving average crossover, the chances of seeing a breakout in this stock are strong. Still, with stocks anything but recovered right now, don’t even consider buying shares until they close above the horizontal blue line.

Midex Gold Corp (OTC: MXGD) â€" Shares of this tiny gold and diamond exploration company are seeing increased volume following a tick error that caused the stock to pop up on traders’ radar. Once there, many noticed that this small OTC company is actually exhibiting technically bullish signals. Be extra-careful if you do decide to trade this one; tiny OTC stocks can be very volatile.

Brinx Resources Limited (OTC: BNXR) â€" Brinx Resources is another OTC stock that’s seeing increased activity. Unlike MXGD, however, Brinx is staging a fully formed breakout (and over three consecutive trading days). We should be able to capitalize on upward momentum in the near future.

Globalstar Inc. (NASDAQ: GSAT) â€" Our sole short-side play in this list is Globalstar, a satellite communications company. Globalstar hit a double top on Jnauary 22, a bearish signal that suggests shares are headed lower. And now, with the next support level down at 94 cents per share, this company has a long way to fallâ€

These charts may have already run their course by the time this article hits your computer screen. To get the latest up-to-date recommendations completely free, sign up for the Penny Sleuth right nowâ€

Jonas Elmerraji is a contributor to The Penny Sleuth, which offers unbiased commentary from expert analysts and authors about penny stock symbols.

Article Source: http://www.earticlesonline.com/Article/Don---t-Miss-These-Eight-Small-Cap-Stocks-Set-to-Move-Even-Higher-in-2010/771586

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This entry was posted on Friday, February 11th, 2011 at 11:12 pm and is filed under Surveillance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.