penny stocks to watch right now

Top Penny Stocks To Have On Your List Right Now?

Some are calling this the biggest wealth opportunity of our era. Others still think that the market could go lower. No matter which side you stand on, one thing holds true. That one thing is volatility is king right now. This week we’ve witnessed that first-hand. The stock market swung to new lows and on March 24 it rallied back more than 1000 points from its previous close. These swings are where trading gets exciting. With most investors looking for the next volatility crunch, penny stocks remain a key component and I’ll tell you why.

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No matter what’s happening in the broader markets, you’ll likely find volatility in penny stocks no matter the circumstances in the S&P or Dow. That factor is a big reason why investors who like higher risk/reward will turn to penny stocks to watch for big profit opportunities. Lately, the buzzword has been coronavirus. Whether you saw Cardi B mention it on social media or President Trump mention it in numerous comments, it’s in our faces every day. So, why not use it to your advantage?

From a fiscal perspective, the Federal Reserve and the U.S. Government are both setting the stage for a big stimulus package. The Fed already delivered its position to the markets this week, essentially offering a blank check for whatever the market needs in the form of quantitative easing and lower rates. Now, the U.S. Senate is deliberating on a new coronavirus stimulus package to bring the American people.

You’ve also got countries like India going on full lockdown through the middle of next month. All things considered, this could be perfect for a trader’s market and set the stage of great “bargains” for certain long-term opportunities. But when it comes to penny stocks, specifically, volatility is what has driven interest. As such, here’s a list of top penny stocks to watch right now.

Best Penny Stocks To Watch: IMC International Mining

top penny stocks to trade IMC International Mining (IMCX) (IMIMF)

During the last 4 trading sessions, IMC International Mining (IMIMF Stock Report) (IMCX) has seen some of its biggest trading activity to date. After beginning the year around $0.25, shares have tested new highs of $0.50 multiple times over the last few months. This week, IMC has continued to trade around $0.40 with highs on March 24 of $0.44. This marks a year-to-date move of 76% so far.

The recent uptick in trading volume could have something to do with the company’s previously announced plan to acquire Thane Minerals. Thane’s Cathedral Property presents an interesting opportunity for IMC. Its location is among some of the most prolific areas for gold discovery in North America. Furthermore, on a corporate conference call on March 23, IMC’s incoming Chairman, Greg Hawkins said that exploration should come within a few months; not years. Furthermore, he said that drilling could begin before the end of the year.

With such a young company, his experience alone could bring new opportunities. He plans to bring on more team members from previous endeavors. Furthermore, his track record includes major acquisitions of 4 of the companies he’s helped found and develop. The biggest deal came in the form of a $1.8 billion acquisition of Nevsun Resource by China’s Zijin Mining. Hawkins also suggested on the call that in the Cathedral area, there is “an audience of potential buyers” monitoring new developments in the region. Could this be his next achievement to add to his current list?

Best Penny Stocks To Watch: Nio Inc.

top penny stocks Nio Inc. (NIO)

Share so Nio Inc. (NIO Stock Report) have been making a stronger move early this week. While the stock is approaching a major technical level, it will be important to monitor this chart pattern closely if NIO stock is on your list right now. Previously, shares gapped down from $2.90 to $2.11 after reporting earnings. As NIO stock approaches the $2.90 level again, it could become a resistance point for the penny stock.

This week, JP Morgan assumed NIO with an underweight rating and a $2 price target. Obviously Nio has been quite the story of failure, success, and potential failure again. In the wake of the coronavirus, the stock crumbled in March. First-quarter deliveries are expected to be down between 56.2-58.7% from Q4 of 2019. Vehicle margins were also down considerably from a year ago.

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“We delivered, on a combined basis, 8,224 ES8 and ES6 vehicles in the fourth quarter of 2019, representing a 71.4% sequential increase from the prior quarter. Cumulative deliveries of ES8 and ES6 reached 20,565 in 2019, representing an 81.2% increase from 2018,” said William Bin Li, founder, chairman, and chief executive officer of NIO. So, while this could be a technical move for NIO right now, it will also be important to see if the company comes out with any further guidance now that China seems to have weathered the worst of the COVID-19 storm.

Best Penny Stocks To Watch: Onconova Therapeutics, Inc.

Onconova Therapeutics Inc. (ONTX Stock Report) hasn’t been much of a performing lately. But on March 24 the biotech penny stock rallied back above $0.40 for the first time since March 10th. While not much has been reported recently, the company is expected to report its year-end 2019 results after the market closes today. While shares are aggressively moving higher, this will be something to keep in mind.

On earnings days, the results can ultimately dictate the move for the stock on the following day. If results are positive and if they’re negative, it can send shares breaking out or breaking down big. So, keep this in mind if ONTX is on your list of penny stocks right now. From a business perspective, Onconova has focused on cancer treatment.

While some would assume all biotechs could benefit from coronavirus headlines, ONTX has been one of the more quiet names. Will earnings help propel the stock higher or will investors be looking at a gap down on March 25? Comment below if ONTX is one of the names you’re watching right now.

penny stocks coronavirus stocks to watch

Disclaimer: Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to July 9, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX) (IMIMF). Full disclaimer here.

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