In the shadow of mixed economic data here’s a mix of our beloved penny stocks to consider: AirMedia Group Inc. (NASDAQ: AMCN), Nanoviricides Inc. (OTCBB: NNVC), Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA).[BANNER]
AirMedia Group Inc. (NASDAQ: AMCN) has recently found a short term bottom and bounced up as we’ve witnessed green candles two days in a row. Friday came up with a red light though, as a bearish engulfing candle formed, meaning that is probably it for this rally attempt.
The stock has experienced strong selling pressure for the whole of February, so a stunning comeback was not quite believable in the first place. But let’s just look at the facts. RSI improvement from an oversold position was interupted by Friday’s selling pressure. Stochastics, about to cross the 20 line, was a little less suceptive to the move, but that makes no big difference here.
For confirmation on this we should see the price dropping over Monday session. The price would still have trouble falling through the $6.32 line so we will likely see some consolidation here.
Nanoviricides Inc. (OTCBB: NNVC) recent breakout attempt didn’t push up too fast, but if further appreciation will occur we must have some guidance on where it might stop. For this one we can only count on resistance areas that have been in play a couple of years ago.
These speculative resistance points include $1.50 and $1.78. The most recent $1.27 support is also questionable as it is base on few points only and might not hold the price above.
We had some mild spikes in volume as the move occurred but nothing too promising, so I’d like to place some healthy pessimism on this one. The uptrend has been in place for some time already and except for the breakout there are no other buy signals. Friday also ended up with an indecisive doji candle.
Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) is nearly at the upper limit of its trading range. The stock isn’t very liquid but appears to be keeping to the boundaries quite well.
This time the resistances are set at $0.175 and $0.20. The price should be expected to drop pretty soon though. RSI and Stochastics do not support the idea of a break up and are mostly moving sideways.
I would suggest shorting the stock, but it might be hard to do on account of liquidity issues. I guess this one will have to go on a watch list and be traded when it hopefully bounces up from the channel’s support at $0.1.
Read the rest here:
Filed Under: Press Releases
About the Author: