Buying Penny Stocks on July 6th? Here’s What You Need to Know
After another volatile day of trading penny stocks and blue chips, there is a lot that investors need to know. Right now, we continue to see trading days with an incredible amount of volatility. And as a result of this, there are plenty of ways to both make money with penny stocks and lose money with penny stocks.
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To have the highest chance of profiting, investors need to have a well thought out trading strategy on hand. This is the best way to avoid losing money. With this in mind, let’s take a look at what you may have missed on July 5th.
Stock Market Recap, July 5th, 2022
After the day got off to a poor start, penny stocks and blue chips managed to climb by EOD on July 5th. Specifically, we saw the S&P 500 and Dow climb by around 0.16% fall by over 100 points respectively.
With values down substantially over the past few months, we continue to see the negative effects of inflation on the stock market. And because of that, there are plenty of days with major uncertainty in the stock market right now. So, keeping this in mind, let’s take a look at what you need to know about trading penny stocks on July 6th.
What to Know About Trading Penny Stocks on July 6th
After the market closed on July 5th, we saw stock futures climb slightly. Although the stock market is still mostly flat, crude oil is up by almost 2%. Right now, the main fear in the stock market is that we could continue to enter a recession.
With the market in official bear territory, it seems like this could be likely. So, always make sure to only invest what you are able to lose and to have a proper trading strategy on hand. Considering this, here are three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Bitnile Holdings Inc. (NYSE: NILE)
- ZW Data Action Technologies Inc. (NASDAQ: CNET)
- Uxin Ltd. (NASDAQ: UXIN)
Bitnile Holdings Inc. (NYSE: NILE)
During trading on July 5th, shares of NILE stock managed to shoot up by more than 20%. This sizable gain comes after a six month drop of more than 70%. So, why are shares of NILE stock climbing right now?
Recently, news came out that the Executive Chairman of NILE, Milton C. Ault III, purchased 900,000 shares of NILE stock at a price of $0.27 per share. Insider buying is always an exciting prospect for investors as it shows confidence in the company. So, with this exciting news in mind, does NILE belong on your list of penny stocks to buy or not?
ZW Data Action Technologies Inc. (NASDAQ: CNET)
During trading and into after hours, CNET stock exploded by over 40% and more than 7% respectively. These very large gains come after a month or so of positive trading for the company. As a result of this, it’s worth looking into why CNET stock is climbing right now.
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Looking at the news, we see that there are no company specific announcements that are resulting in this gain. Rather, this could be the effect of social media on the company. Regardless, do you think that CNET stock is worth buying right now or not?
Uxin Ltd. (NASDAQ: UXIN)
With over 24% in gains on July 5th, many investors are watching UXIN stock right now. The most recent news from the company came on June 30th when it announced its entry into definitive agreements for financing $100 million in replacement of its previously announced binding term sheet.
With this money, the company plans to build out its inspection and reconditioning plant in Hefei. And, it states that it should be able to build out its long term growth strategy. Considering that, does UXIN belong on your buy list today?
Are Penny Stocks Worth Buying Today?
With a lot of movement in the stock market right now, there is a lot to know about penny stocks and blue chips. Whether you’re new to investing in penny stocks or a seasoned pro, it all comes down to understanding what is going on in the stock market and how to take advantage of that.
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While it is tough to say whether stocks will climb in the coming weeks or not, the only thing we can say with certainty is that volatility will remain high. Considering this, do you think that penny stocks are worth buying right now or not?
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