best penny stocks to buy avoid right now

Is IDEX Stock Worth The Risk Above These 3 Penny Stocks Right Now?

When it comes to penny stocks to buy, hype can play a huge role. Obviously, if you’ve been trading stocks under $5 this year, you’re likely familiar with some of the “cult-like” following a few names can build. One of those cult penny stocks this year is Ideanomics Inc. (IDEX Stock Report). While we’ve written on it plenty of times in the past and witnessed its monstrous rally during the summer, a lot has changed in the market since then. The IDEX stock chart is a clear reflection of that. Sure, there are plenty of single-day breakouts but overall IDEX has been in a consistent downtrend for months.

penny stocks to buy avoid Ideanomics Inc. (IDEX stock chart)

One thing we can see is that shares seem to gravitate back to the 200 day moving average, for the most part. The penny stock has also run into some resistance around its 50 day moving average as well. The main point of focus for traders is on Ideanomics’ Mobile Energy Global or “MEG” division. This was originally the company’s foray into the electric vehicle sector, which ultimately became a big point of controversy over the last few months.

Is IDEX Stock Worth The Risk?

Accusations by short-sellers questioning the validity of the dealings between the two companies were a sticking point for traders looking to actually invest in penny stocks like IDEX. Furthermore, you had some mixed earnings results to sift through during the last few months as well. Needless to say, the company’s management has remained steadfast in its approach to expanding as an electric vehicle company.

This week, Ideanomics reported that it took a 15% stake in Solectrac Inc. for $1.3 million. Solectrac is an electronic tractor company. Furthermore, the company announced that it will deliver Q3 earnings on November 9th. Considering the muddied past few months, this week seems to have seen a bit of a turnaround in the stock market, at least.

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The company has millions of dollars in convertible debt on the books and an active shelf registration to raise upwards of $50 million. You can take a look at the filings to see this information. However, one thing we do know about IDEX stock over the last few months is that where dillution and selling pressure is lower, the bulls start poking their heads out. IDEX stock has pulled to highs of over $1.05 for the first time in weeks. In addition to that, the volume has also begun picking up. In light of these latest updates, is IDEX stock back on the buy list or is this going to be another failure to break above major technical levels?

Penny Stocks To Buy [or avoid]: Ocean Power Technologies

But does the recent trend in IDEX stock mean it’s a “better buy” than other penny stocks? I’ll leave that up to you. One of the names that’s been on our watch lists recently has been Ocean Power Technologies (OPTT Stock Report). The company focuses on generating alternative power utilizing ocean waves. While the general 2-week trend has been sideways, the single-day trends have been opportune for day traders. Over the last few weeks, OPTT stock has seen 1-day swings of 10-20% at times.

Earlier this month, we saw OPTT stock surge to its new, higher channel after alternative energy stocks caught investor interest. Ocean Power, itself, hasn’t been very active on the PR wires. However, Twitter has been a frequent home for recent updates. The most recent tweet from the company came on Wednesday.

Ocean Power tweeted, “Dr. Philipp Stratmann discusses how OPT solutions fit into the energy transition to net-zero carbon emissions on the Energy 2050 Summit “New & Evolving Technologies” panel today (10/21 3:25 p.m. BST/ 10:25 a.m. ET).”

Thursday we could be seeing the reaction from that call. If OPTT is on you penny stocks list, keep an eye on the trading volume for this stock. During times where there’s more sympathy sentiment rather than fundamental, if volume lacks, trends can fail. Will that be the case for OPTT or are new highs and a new uptrend in store?

penny stocks to buy avoid Ocean Power Technologies (OPTT stock chart)

Penny Stocks To Buy [or avoid]: Ever-Glory International Group Inc.

Whether you’re looking at long-term or short term penny stocks to buy, it’s important to monitor volume. Rather it’s important to monitor the consistency of that volume. In the case of Ever-Glory International Group, Inc. (EVK Stock Report), Thursday’s volume came out of nowhere. The penny stock caught a spark of momentum after the close on Wednesday, which has continued into today. EVK stock gapped up from a close of $1.15 to an open of $2.56 and promptly rallied to nearly $5 in the morning session.

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One thing to keep in mind is that we’ve seen a trend in China-based low float penny stocks this week. Shares of KXIN, WEI, LYL, and others all took off in sympathy with one another. Once one penny stock broke down, traders shifted focus to the next. Ever-Glory is a branded fashion apparel retailer based in China. With an outstanding share count of less than 15 million shares and some sites showing a float below 5 million, things could get volatile for this penny stock.

Furthermore, without any apparent catalyst aside from sympathy momentum, it will be interesting to see how long this breakout trend can last. In the case of the others mentioned, those moves lasted anywhere from a few hours to a few days. Whether that is the outcome for EVK stock right now is yet to be seen. If it is on your watch list, however, keep a close eye on it as low float penny stock can shift directions at a moment’s notice.

One of the historic areas of support and resistance on its chart was around the $3.30 area. Prior to that, you’d have to look at the EVK stock chart in 2015 to see any levels close to the current $4.92 morning high on Thursday. Current all-time highs site at $8.50

penny stocks to buy avoid Eve-Glory International Group Inc. (EVK stock chart)
EVK 1-Day, 3 minute chart

Penny Stocks To Buy [or avoid]: Galiano Gold Inc.

If there’s one thing we know it’s that gold stocks tend to respond positively to negative market sentiment. Furthermore, during times of economic uncertainty, gold performs. In this case, gold penny stocks might be a place to look for some volatility as well. Galiano Gold Inc. (GAU Stock Report) recorded one of its higher, single-day trading volumes in months.

While there weren’t any headlines this week, GAU stock continues gaining after its latest update posted last week. Galiano announced that it will deliver its next earnings report just a few days after the U.S. election. The company currently operates and manages the Asanko Gold Mine in West Africa which is jointly owned with Gold Fields Ltd. 

In its second quarter results, Galiano beat its previous 2019 Q2 EPS by more than 100%. Furthermore, the company realized record quarterly gold production of 69,026 ounces at an all-in sustaining cost of $1,067/oz.

“We remain on track for our production guidance of 225,000 to 245,000 ounces at all-in sustaining costs of between $1,000 – $1,100 /oz. Over the second half of the year with the Nkran Cut 2 depleted, ore will be sourced from the lower grade Esaase Main and Akwasiso pits.  While year-to-date AISC are well below the bottom end of our guidance at $929 /oz, we are anticipating a planned increase to our costs in Q3 as we ramp-up sustaining capital expenditures associated with the raise of the tailings storage facility, and ongoing stripping costs at Esaase Main and Akwasiso.”

Greg McCunn , Chief Executive Officer
penny stocks to buy avoid Galiano Gold Inc. (GAU stock chart)

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2 comments
  1. The China based penny stocks performance over the last couple of weeks is highly suspicious and I believe the market is manipulated by people sitting in China into the NYSE market. Proper investigation should be carried out by the relevant authorities.

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