Charlie goes over the Top Penny Stocks and Marijuana stocks this week and talks a bit about how to formulate a watchlist. Some of our top picks are CRON, PLAG, HSGX, and CARB.
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Anyways, so the first stock that we will be watching come market open tomorrow is PLAG. We traded this a few days ago and made a nice little profit (and i’ll link to that video in the description) but shortly after we sold out the stock was halted. Now, after the SEC halts a stock there tends to be a massive panic once it begins trading again. Later the price tends to dip to a certain level of support before adjusting back upward as people realize they oversold the stock. What i’ll be looking for is that support line as well as volume a few hours into open. If we see continued bouncing from support I might be persuaded to take a position.
Another stock that we are going to be watching is CRON. CRON is a marijuana industry stock that has had selling off in the last few weeks. At the same time though, we see that it does have a pattern of dipping to support and then recovering as you can see here and it does portray the long upward trending growth pattern that we like. If we see a spike in volume and strong momentum this week i’ll consider placing a trade.
The next stock that we’ll be watching is CARB. CARB’s rating has been upgraded by several stock analysis websites this weekend and also Carb has had a bit of a pushback in the last couple months but overall has a solid upward growth trending pattern. We can see the stock beginning to recover from its recent dip to support and if we see a good entry point today as well as increased volume I think this would be a solid swing trade. There is a bit of potential room to run back up to 43.63 and higher.
The last stock we will be covering is HSGX. HSGX had taken massive hit a few months ago and has shown some signs of volatility ever since. If you look at the short term char the see some dipping to support an then subsequent recovery. If we see an increase in volume and momentum this week, this might be a good buy because there is so much upward potential to its resistance at 1.43. Also, theres a close barrier of protection at around 0.63 a share. On the other hand, this stock does show a massive downward trending pattern so this setup is going to need to be perfect in order to minimize the extra risk.
Top Penny Stocks & Marijuana Stocks To Watch This Week