We ran a scan for the best penny stocks to watch that could be setup for day trading based on bullishness in MACD and RSI. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. The Moving Average Convergence-Divergence (MACD) indicator is one of the simplest and most effective momentum indicators available.
Listed below are 9 Penny Stocks whose RSI and/or MACD are worth looking into further to determine whether a day trading set up presents itself.
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- Aurcana Corporation (AUNFF.PK)
- TASER International Inc. (TASR)
- Star Scientific, Inc. (CIGX)
- Sanofi (GCVRZ)
- Hansen Medical, Inc. (HNSN)
- Mammoth Energy Group, Inc. (MMTE.PK)
- Sandstorm Gold Ltd. (SNDXF.PK)
- PharmAthene, Inc. (PIP)
- 8×8 Inc. (EGHT)
Penny Stocks Showing RSI and/or MACD Bullishness
| SYMB | Last | High | Low | %Chg | Volume | RSI(15) |
| AUNFF | 1.020 | 1.040 | 0.940 | 6.4% | 446,303 | 64.85 |
| TASR | 4.600 | 4.650 | 4.520 | 3.4% | 1,298,898 | 63.79 |
| CIGX | 3.550 | 3.710 | 3.500 | -1.1% | 1,279,004 | 60.29 |
| GCVRZ | 1.350 | 1.350 | 1.310 | 0.0% | 199,545 | 59.63 |
| HNSN | 3.160 | 3.200 | 3.070 | -0.9% | 387,261 | 59.37 |
| MMTE | 0.001 | 0.001 | 0.001 | 0.0% | 30,014,177 | 58.21 |
| SNDXF | 1.840 | 1.880 | 1.830 | -0.3% | 98,200 | 56.98 |
| PIP | 1.610 | 1.620 | 1.540 | 1.9% | 171,751 | 53.76 |
| EGHT | 4.130 | 4.150 | 4.080 | 0.7% | 238,174 | 52.07 |
RSI oscillates between zero and 100. For most penny stock traders, RSI is considered overbought when above 70 and oversold when below 30. Buy and Sell signals can also be generated by looking for bullish or bearish divergences, failure swings and centerline crossovers. RSI can also be used to identify the general trend.
The MACD turns two trend-following indicators, moving averages, into a momentum oscillator by subtracting the longer moving average from the shorter moving average. As a result, the MACD offers the best of both worlds: trend following and momentum.
The MACD fluctuates above and below the zero line as the moving averages converge, cross and diverge. Penny stock traders can look for signal line crossovers, centerline crossovers and bullish or bearish divergences to generate signals.
Because the MACD is unbounded, it is not particularly useful for identifying overbought and oversold levels.
Bottom Line: Often times the best penny stocks to watch and buy are not the ones that have million dollar promotions behind them like SEFE, SNPK and OMVE. if you’re day trading penny stocks and need some ideas, check these 9 to see if they match your investing criteria.
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