(NASDAQ: LTXC), (NASDAQ: INHX), (NASDAQ: GLDD) – Penny Stock Movers and Shakers

By StockFrontRunners on Feb 26, 2010 with Comments 181

LTX-Credence Corporation (NASDAQ: LTXC) is set for a longer term appreciation. On this one we have to step away from pure technical analysis and mention that the company has recently posted a near 60% revenue growth with outlook for continued top line growth.[BANNER]

The stock has a serious base for appreciation so it shouldn’t stop appreciating, although the doji candle we saw on Friday suggests possible disturbance on Monday. Even before the earnings announcement, this was on a stable uptrend, which will likely continue.

For future corrections – buying pressure is increasing, so there shouldn’t be heavy drops in the near term. There was some consolidation before the earnings release, but that was a natural and the price should get back into a stable growth mode for at least another week.

Inhibitex, Inc. (NASDAQ: INHX) has been spurting up for the whole week, but it still lacks mass. Friday came up with a dark cloud candlestick, which is a bearish trend reversal signal. This poses a significant threat that the uptrend is ending.

On the brighter side, the whole move was a breakout from the consolidation area, so we see support not too far below, if it drops. The price’s failure to break down at mid December also shows that traders are more willing to see it break up from the consolidation area.

On a broader view, this move adds to the uptrend lasting from March 2009. On the same note, the rally isn’t likely to last long without corrections, as it would change the slope of the mentioned uptrend, and for that to succeed we would need to see heavier volume.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) took a wicked digger this week as the 4th quarter’s results disappointed traders. Nothing to panic about if you weren’t in the stock before the move, and possibly creates a chance to buy some shares, as we should see some correction coming up after this way too fast dive.

But maybe I’m ahead of events saying that. On Friday we had a hanging man candle, white, but still bearish. If the price falls on Monday the bearish signal will be confirmed, if not, then possibly the price will head up to $5 which would be a logical 30% correction to the previous massive drop.

I’m not too sure about trader’s dedication to move the price up here though, as there was practically very little volume during Friday’s trading. On the other hand, the price is sitting near a support level right now, so heavy further depreciation is also not likely to happen.