Currently, the average price for a gallon of gas across the nation is $3.62. For the price of a gallon of gas, you could buy two or more shares of each of these penny stocks which make for excellent day trading ideas. The range and technical points on each offer entry and exit points where a smart trader could grab 15% without breaing a sweat. Add these 4 to the list of penny stocks to watch:
• Zogenix Inc. (Nasdaq: ZGNX) : $1.84
• LDK Solar Co.Ltd. (NYSE: LDK) : $1.88
• FuelCell Energy Inc. (Nasdaq: FCEL) : $1.21
• IsoRay Inc. (NYSE MKT: ISR) : $1.09
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ZGNX – Shares of Zogenix Inc. (ZGNX) closed up 15.72% at $1.84 on volume of 353,373 shares traded. ZGNX stock gained 25 cents on the day and traded within a 30 cent range from $1.59 to $1.89. The stock price jumped after the company submitted an investigational NDA to the FDA for Relday, a combination of the Company’s DosePro needle-free, subcutaneous drug delivery system plus a proprietary, subcutaneous once-monthly formulation of risperidone for treating schizophrenia. Zogenix is a specialty pharmaceutical company with two product candidates in late-stage development for the treatment of central nervous system disorders and pain.
From a day trading and technical perspective, ZGNX stock is currently priced at -0.85% below the 50-day moving average, -11.91% below the 200-day moving average, -63.99% below the 52 week high of $5.11, and 40.46% above the 52 week low of $1.31.The 3-Month average volume is 358,306, in line with yesterday’s session. ZGNX stock has support at 1.66 and 1.47. The resistance points are 1.96 and 2.07. ZGNX bounced hard off some near-term support at 1.66 which pushed the penny stock right below its 50-day moving average.
If ZGNX can manage to take out its 50-day and the two near-term resistance points with high volume, the penny stock can then test some major overhead resistance at 2.28 with high volume. Look for a sustained move or close between 1.90 to 2.28 with volume that’s near or above 358,306 shares. If we get that price action soon, ZGNZ has a great chance of re-testing its March high of 2.90.
LDK – Shares of LDK Solar Co. Ltd. (LDK) closed up 3.87% at $1.88 on volume of 3,079,551 shares traded. LDK stock gained 7 cents on the day and traded within a 41 cent range from $1.54 to $1.95. LDK Solar Co. Ltd. is a vertically integrated manufacturer of Photovoltaic (PV) products.
From a day trading and technical perspective, LDK stock is currently priced at -35.85% below the 50-day moving average, -55.40% below the 200-day moving average, -75.36% below the 52-week high of $7.63, and 22.08% above the 52-week low of $1.54. The 3-Month average volume is 1.6 million which LDK doubled in yesterday’s session. LDK stock has support at 1.63 and 1.38. The resistance points are at 2.04 and 2.20. LDK traded above average volume yesterday as it came out of extremely oversold territory, since its current relative strength index reading is 25.13.
If the whales are done selling LDK, this penny stock could be readying itself for a big bounce off these oversold conditions. LDK hit an intraday high yesterday of 1.95 with heavy volume. If there is action on LDK again, that same level of volume could push the shares past 2.04 easily enroute to 2.20. That happens and LDK can focus on its next major overhead resistance level at 2.30 to $2.60 before you can call this penny stock bullish.
FCEL – Shares of FuelCell Energy Inc. (FCEL) closed up 9.01% at $1.21 on volume of 4,831,291 shares traded. FCEL stock gained 10 cents on the day and traded within a 16 cent range from $1.11 to $1.27. FuelCell Energy Inc. is an integrated fuel cell company that designs, manufactures, sells, installs and services ultra-clean, stationary fuel cell power plants for distributed baseload power generation.
From a day trading and technical perspective, FCEL stock is currently priced at 3.65% above the 50-day moving average, 3.15% above the 200-day moving average, -37.95% below the 52-week high of $1.95, and 51.25% above the 52-week low of $0.80. The 3-Month average volume is 2,208,780 which FCEL more than doubled in yesterday’s session. FCEL stock has support at 1.12 and 1.04. The resistance points are at 1.28 and 1.36. FCEL stock rocketed on huge volume which triggered a breakout once the penny stock took out some near-term resistance at 1.07 and 1.15.
With FCEL within a nickel of its 50-day moving average that it took out during yesterday’s session, look for the stock to take out 1.28 within the first hour of trading on close to a million shares before declaring a bull rally on the penny stock. If it does take out 1.28, FCEL can focus on 1.36 with equally high volume to yesterday. If there is a positive close on FCEL with volume above the 3-month average, FCEL could actually be considered bullish and FCEL could start looking further ahead to break 1.60 or higher in the short-term.
ISR – Shares of IsoRay Inc. (ISR) closed down -6.84% at $1.09 on volume of 7,276,450 shares traded. ISR stock dropped 8 cents on the day and traded within a 57 cent range from $1.03 to $1.60. IsoRay Inc. develops, manufactures and sells isotope-based medical products and devices for the treatment of cancer and other malignant diseases.
From a day trading and technical perspective, ISR stock is currently priced at 85.19% above the 50-day moving average, 73.20% above the 200-day moving average, -31.87% below the 52-week high of $1.60 which the penny stock reached yesterday, and 186.84% above the 52-week low of $0.38. The 3-month average volume is just 137,976 which was traded within the first 10 minutes of yesterday’s session. ISR stock has support at 0.67 and 0.88. The resistance points are at 1.45 and 1.81. ISR stock went insane yesterday with the momentum biotech buyouts and acquisition targets have had recently like ROSG, VRML and GNOM.
Since ISR closed 51 cents under the new 52-week high it yesterday. The fact that the stock added a $1 to its PPS since Friday last week when it was $0.61 confirms there is a bullish sentiment on this penny stock. Yesterday’s volume and price spike pushed ISR stock to both a new 52-week-high and past its first resistance point at 1.45. If ISR can push past 1.45 and touch 11.60 in early trading with high volume like yesterday, look for the penny stock close above 1.45. Any volume that is close to or above half of yesterday’s volume can be a nice set up going into Friday’s session for ISR to then test the next major resistance points at 1.72 and 1.89. ISR at $2 before the weekend may not be out of the question if the bull rally on the penny stock can sustain the momentum.
Bottom Line: These 4 penny stocks are just a few of the day trading ideas to consider. Always research these positions for yourself but, from our point of view, these 4 have some strong momentum behind them which have sustained a one and done type rally like FRZT pulled on all of us Tuesday.
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