Find out these top 4 penny stocks - NASDAQ:HNRG, NYSE:QEP, NASDAQ:SNDL, NASDAQ:TELL that are actionable for swing trading based on pullback trading or breakout trading strategies.
In this video, price action analysis together with volume spread and Wyckoff trading analysis is adopted to analyze these penny stocks to decipher the timing for entry.
please do u can. update your ideas with current situation ?
mingjong
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@Najah000, For TELL, short term swing was stopped out...Long term support is at 1.6-1.9. As long as it commits above the support, the big accumulation structure is not violated.
Najah000
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@mingjong, thank u , hope it will raise soon, keep it up you are AMAZING
mingjong
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Welcomed @Najah000. Have your trading plan ready with specific stop and manage your risk accordingly. Should the stock go against you no matter what (could be dragged down by the market or the conditions change for the stock), you can execute based on your plan. Anyway, this is only one of the many trades you are (or will be) trading. Have fun :)
Najah000
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What do you think about tell right now, could you update your idea ? Thank u
mingjong
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@Najah000, The pullback comes with increasing of supply. Currently still testing the support area at 3.4-3.6, might need to spend some time to test till exhaustion of supply. A reversal from here on will be a valid long entry. The market is still vulnerable. These penny stocks are especially reactive to the broad market. The market seems undergo a rotation play, from growth to value, which is constructive.
d_real_maestro
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A big thanks to all your analysis, well spot on. I do have a position in SNDL and with your analysis, I think I now have a better risk management to this stock. One quick question, what's this CRS SPX500 indicator below your chart and how can I use it on my chart? it looks similar to my on balance volume and moving average combo, thanks
mingjong
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@d_real_maestro, You are welcomed mate. That is relative strength where you can benchmark with the index, group or sector. The idea is to trade the strongest stock in the strong sector that are outperforming the market. I usually benchmark with SPX. It is a great tool for spotting rotational play as well.
Sudheer-Hegde
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I usually do not trade Penny stocks because of high risk & I believe its mostly driven by News than technicals!
but after GME where some of them became Millionaires & some Bankrupt I was thinking to trade some penny stocks n SNDL was in my watch list, Thanks for the charts n explanation, I will definetely start trading some of this Penny stock.
mingjong
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@SVH-Trader, You're right. There is high risk involved in these penny stocks. Be more conservative when size the position to be on the safe side if things happen.