Are These Penny Stocks Set To Rally At The Opening Bell Today?
If you’re like most traders, money doesn’t sleep. Your list of penny stocks is already getting put together before the opening bell. Looking for things like “leading gappers,” penny stock news, broader market developments, and the like are all things to consider. We said something along these lines yesterday: more research comes before and after market hours than at any other time. Something that can help you find top penny stocks to buy when researching is to find where the momentum is.
Penny Stocks & Setting Up A Basic Stock Bot Or Scanner
Whether you’re building a stock bot or setting up a simple scan, the volume is a good place to start. If you’ve got access to a platform like TD Ameritrade’s Think Or Swim, ETrade Pro, TC 2000, or even mobile apps like Webull, there are easy ways to set up a quick scan. As far as building a full stock bot, you might need some extra skills in coding. So for this example, we’ll just focus on building a penny stock screener.
Starting with volume, you want to first set a minimum volume threshold. Your personal setting depends on your personal strategy. Are you looking for low volume or high volume penny stocks? Next, you’ll want to set a minimum and/or maximum price threshold. This would pertain to the select list of penny stocks you’re trying to focus on. Are you looking for penny stocks under 20 cents? Are you looking for penny stocks under $1?
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That’s another thing to factor in. On top of that, you might also want to find penny stocks with irregular volume. In this case, you’ll have to find the option in your penny stock screener that allows you to set this up. Look for things like “volume is” a certain percentage above the average daily volume. What that should do is set your screener to find stocks with volume levels that aren’t normal.
An example of this would be having this setting find penny stocks that experience daily volume that’s 15% higher than the average over the last 30 days. Any screener with this option should allow you to further tweak these figures.
Penny Stocks To Buy Or Ignore?
Once you’ve got your basic volume screener set up, you’re ready to find names to add to your penny stocks list. Here’s where you can list all of the names that meet your basic volume and price criteria. When you’re satisfied with this list of penny stocks, the fun can begin. See which high volume penny stocks had news or have milestones in the pipeline.
Scan social media for the sentiment of the stock. Look at the chart trend to see if this is a unique occurrence or if this is a trend continuation. All of these analysis points can help determine if you should go into a trade expecting to day trade or swing trade. Of course, you should use your own strategy as well. With this in mind, here are a few stocks to watch before the opening bell. Will they end up as penny stocks to buy or ignore once the bell rings?
Penny Stocks To Watch Today: Enservco Corp.
If you’re looking for penny stocks under 20 cents, Enservco Corp. (ENSV Stock Report) might hit your list this morning. On Wednesday, shares of ENSV stock closed just shy of $0.13 after the penny stock experienced one of its highest volume sessions since June. The company is in the oil and gas industry. Enservco works in the conventional and unconventional oil and gas fields throughout the United States. The company is a service provider to exploration and production companies.
Obviously, the oil and gas industry hasn’t been the best performing one this year. Slowing global economies due to the pandemic hasn’t helped either. Even in light of this, it isn’t like oil and gas stocks haven’t attempted to recover. Much of the downturn that Enservo experienced stemmed more from company fundamentals in my opinion. However, this week, the company might’ve starting making strides to right the ship.
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Late in the afternoon on Wednesday information surfaced regarding one of its note holders, Cross River Partners L.P. The firm converted subordinated notes in the principal & interest totaling $1,514,737, or 6,054,022 shares of common stock at roughly $0.25 per share. Considering that shares closed around $0.13, the market is soaking this up as good news. I think it’s going to be interesting to see how this translated into the regular session. The penny stock has been under pressure for weeks. So the question here is will the trend finally reverse or will this just be an opportunity for bag holders to exit?
Penny Stocks To Watch Today: Northern Dynasty Minerals Ltd.
On the flip side, Northern Dynasty Minerals Ltd. (NAK Stock Report) has been the center of controversy for nearly a month. At the center is the company’s Pebble property in Alaska. Concerns initially stemmed from the environmental impact that this property could have. There were even questions raised by certain government officials that likely weren’t entirely familiar with the process.
“We have confirmation of what we have known for some time – the policy position regarding Pebble comes directly from the Alaska District and it is exactly what we have been telling the media and other stakeholders all week,” said CEO Tom Collier. There was a USACE Alaska District Letter published, which guided the policy for Pebble.
Pebble Limited Partnership issued a statement that refuted inaccuracies from certain publications. It also cited the Washington Examiner, which confirmed that the U.S. Army Corps of Engineers’ letter to the company on Aug. 20, 2020, is the “guiding policy” on the project. This week the company’s management presented at the H.C. Wainwright conference. It also presents on the 21st at the Gold Forum Americas Conference.
During Thursday’s premarket session, NAK stock jumped over 30% from Wednesday’s closing price.
Penny Stocks To Watch Today: Rigel Pharmaceuticals
Rigel Pharmaceuticals (RIGL Stock Report) was another one of the premarket penny stocks to watch today. While the penny stock dropped from its 52-week highs of $5.24, the general trend has been bullish for the last few weeks. The company just came off of a presentation at the Citi BioPharma Conference last week. It also presented at H.C. Wainwright’s Investment Conference and Cantor Fitzgerald’s Healthcare Conference this week.
The biggest focus, however, has been on Rigel’s latest update. The company announced the start of a multicenter, Phase 2 trial. It will evaluate the safety of fostamatinib, its oral spleen tyrosine kinase inhibitor, for the treatment of hospitalized COVID-19 patients.
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The study is sponsored by the National Heart, Lung, and Blood Institute, part of the National Institutes of Health. It’s also in collaboration with Inova® Health System. Fostamatinib is marketed in the U.S. as TAVALISSE® tablets, is approved in the U.S. and Europe as a treatment for adult chronic immune thrombocytopenia. This triggered a strong move during premarket hours on Thursday.
