At the start of the year, we were extremely bullish on playing the NYSE delisting of AMR Corp. (AAMRQ), the parent company of American Airlines. Since the 0.24 bottom after it began trading on the OTC, the penny stock is still up 147.92% after Tuesday’s trading session, having been extremely bullish since November 16 despite the fact that the Company filed for Bankruptcy just over a year ago. With AAMRQ stock leading the top penny stocks traded on Tuesday and having passed the 0.56 resistance level, traders have little concern as to whether or not further gains are likely considering all of the technical indicators are giving off nothing but bullish signals.
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Another penny stock which has, once again, made itself available on the top 10 traded list is eLayaway Inc. (ELAY), a technology company specializing in the payment industry which released their hosted layaway solution for small and medium businesses last month. This bi-polar penny stock was sent soaring once again on Tuesday, reversing some of the losses from the previous trading sessions. ELAY stock has fallen sharply after hitting that unassailable 0.015 resistance level nearly two weeks ago.
The stock has, however, rebounded on a number of trading session during the last two weeks hovering around 0.02 which has been a key support level in the past. While the daily average volume is roughly 38.20 million, ELAY could face resistance at around 0.03. If the stock breaks through this level then a strong bullish trend should easily be established.
One penny stock not listed on the top 10 list which could pop up in the next few trading session is Great China Mania Holdings, Inc. (GMEC). The 5-Day trend has shown solid consolidation below 0.10 which is a short term bullish signal. Provided volume maintains current levels, GMEC stock could easily continue to break through short term resistance levels over the next 10 trading sessions.
GMEC ran to a high of 0.085 trading 15X the average daily volume with almost 1 million shares exchanging hands, closing strong just shy of the HOD at 0.083. Based on these bullish trends, this stock is likely to land on the top 10 traded list soon and looks poised to test new 52-week high levels.
Bottom Line: Tuesday’s penny stock trading session was surrounded by fear and despair due to the disappearance of SVEN stock until it regained the ability to trade for a few minutes before being halted. Coupled with the demise of PBCW, losing two huge money backed penny stock promotions in one day is a sure way to see the trickle down effect occur. Since PFNI closed strong, it proves that traders will not be scared off from the actions of APS and VM.
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