Buying Penny Stocks on July 29th? Here’s What You Need to Know
If you’re looking for the best penny stocks to buy right now, there are hundreds of options to choose from. As a result, it all comes down to finding the best penny stocks that fit your trading strategy. Right now, the main factors to consider include what’s going on in the stock market and how to use that as an advantage.
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For example, many stocks are down right now because of the pandemic, high inflation, and climbing interest rates. This means that there are plenty of stocks to buy at a discount. However, it’s important to remember that not all stocks will rebound equally. As such, you need to do your research and find the best penny stocks to buy right now. With that in mind, let’s take a look at what you may have missed in the stock market on July 28th.
Stock Market Recap, July 28th, 2022
On July 28th, we saw another day of trading penny stocks and blue chips end in the green. This comes as Apple Inc. (NASDAQ: AAPL) and Amazon Inc. (NASDAQ: AMZN) both reported revenue beats and positivity.
This resulted in after hours gains of 3% and more than 13% respectively. In the past few days, we’ve seen an increased amount of bullishness in the stock market. This comes after major bearish sentiment that has occurred over the last few weeks and months. So, with that in mind, let’s take a look at what you need to know about buying penny stocks on July 29th.
What You Need to Know About Buying Penny Stocks on July 29th
As stated earlier, right now, there is a very large amount of volatility across the board with penny stocks. Because of that, it is more important than ever to stay on your toes and understand exactly what is going on in the stock market.
While we are seeing bullish sentiment right now, it is impossible to say if it will continue into the near future. So, always trade with a bit of cautious optimism. With that in mind, here’s three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
- Geovax Labs Inc. (NASDAQ: GOVX)
- Applied Blockchain Inc. (NASDAQ: APLD)
- Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
Geovax Labs Inc. (NASDAQ: GOVX)
Geovax is a penny stock that we have been discussing for a few days at this point. And, this is due to its major gains during that time. During trading on July 28th and after hours, shares of GOVX stock shot up by more than 10% and 5% respectively.
In the past five days, GOVX stock has shot up by a staggering 190%. This is the result of its work on a Monkeypox vaccine. And as cases continue to rise globally, there is a large amount of focus on companies that have a relation to it. With all of that in mind, do you think that GOVX is worth adding to your penny stocks watchlist or not?
Applied Blockchain Inc. (NASDAQ: APLD)
Another penny stock that is seeing major bullish sentiment right now is APLD stock. While APLD has climbed by around 3% in the past day, in the past month, it has shot up by more than 100%.
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This is a staggering gain that reflects the rise of cryptocurrency during that time. Now, it is crucial to consider that APLD stock and blockchain is highly volatile. If you’ve traded penny stocks in the cryptocurrency industry, this is a fact that you’re likely aware of. So, with that in mind, do you think that APLD is a worthwhile addition to your list of penny stocks to buy today or not?
Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
With over 1.5% in gains at EOD on July 28th, ALNA is a familiar penny stock that many investors are discussing right now. In the past five days, ALNA stock has fallen by around 20%. As a result, today’s uptick for the company is a welcomed advancement. With a six month drop of over 69%, do you think that ALNA stock is worth watching right now?
To answer this, we have to take a closer look at the company and its recent announcement. The most recent news came a week or so ago when it announced the completion of enrollment for its ALLN-346 2a Study 202. While there hasn’t been any news since then, this could be enough to make it worth keeping an eye on for some.
Which Penny Stocks Are You Watching Right Now?
With so many penny stocks to choose from, investors need to be choosy about the ones they pick. This means understanding your trading strategy and utilizing it on a regular basis. And, because there is so much volatility in the stock market, it’s important to have a firm understanding of the risks involved before diving in.
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To find the best stocks, it’s important to think about what you’re looking for. Are you looking for stocks that are undervalued? Or, are you looking for stocks with high growth potential? Once you know what you’re looking for, you can start searching for penny stocks to buy. Considering this, which penny stocks are you watching right now?