PennyStocks101

PennyStocks101

SCPS seeing another spike in trading volume late in the week (week of 8/1). After plotting out the fib retracement using "normal levels" and not ones from the crazy parabolic spike previously, you can see this 618 area has been a key support/resistance level. With the latest spark taking SCPS stock higher afterhours on 8/4, it so far managed to break back above...

PennyStocks101

PLYA was a company we discussed late last year before it left penny stock range. Interesting company and idea as a Vice stock that could benefit from reopening: "Rarely might you expect hotels to be on the list of vice stocks to watch. But think about it. What better way to enjoy a vice than at an all-inclusive resort? Playa Hotels & Resorts has a “sinful” side...

PennyStocks101

After plotting the Fib retracement using January's low as the anchor, some really interesting levels started to present themselves...mainly the 786 fib line. Each time it has broken down and tested it, SOFI bounced shortly after. Now that volume is beginning to gain ground, this could get interesting. On top of that you can see that the 618 fib line has also...

PennyStocks101

WORX stock tested a key FIb level on Wednesday being the 50 fib line after plotting the top anchor at the recent high the first time WORX busted above the 50 fib. Before this latest round of testing, the last time WORX reached this key level it was rejected heavily. A few weeks ago, the company announced that it had regained compliance with the NASDAQ listing...

PennyStocks101

WYNN is now approaching a VERY important level right now at the 50 fib line. Using the pandemic low as the anchor and this year's high, some important levels have begun to reveal themselves. Right now the 50 fib sits right around $90 (about $1 off Wednesday's level). With new Delta data coming out, people seem a bit skittish about travel and leisure. So where to...

PennyStocks101

It's interesting to see what happens after plotting out fib lines sometimes. SAVA , for instance...using the earlier lows and the recent high as anchors we can see that the 382 fib line has been a very clear area of both support and resistance almost to the exact mark. Sure 236 played this role before the Alzheimer's data but now SAVA has reset back to some...

PennyStocks101

When I say "historic" for BMY I'm not talking ATH but the stock's encroaching on an area that has been tested 3 times being rejected each time. This is the 236 fib area using 2016's high as the top anchor. It's been 5 years since BMY traded well above this area. But with the way attention is being placed on immunotherapy stocks, it could be something to keep in...

PennyStocks101

MRK is back in this 382-236 fib range with both lining up pretty tightly with the current levels on the chart. 382 is a bit looser and more of a pivot area, for now, that's been a magnet for the stock over the last few weeks. Meanwhile, 236 was tested a few times and MRK was rejected each time. With the last update on Keytruda, it's going to be interesting to see...

PennyStocks101

SNY and TBIO buttoned up the news this morning sending a bunch of other biotech stocks running higher. Now that this is out of the way, levels could be important for longs looking for "what's next" and the 236 Fib level seems to be that area to watch. It was an area that the volatile SNY stock settled above for weeks and now is an area it hasn't been able to...

PennyStocks101

AHPI continues testing this 382 fib level and with more delta variant to go around, related stocks are gaining some nice sympathy momentum. But is it enough to get it up and over the "hump" so to speak. This same 382 level was a higher traffic area of support last July and August with upper resistance being around the 236 fib level. Something interesting to look...

PennyStocks101

RKT 15 min chart showing a very touchy level at the 786 fib line. If broken and held above, this would be the 3rd time that it has done so in a short period of time. But will it stick this time? Strong volume and price action on Aug 2nd. Upcoming earnings will likely determine the trend for RKT stock heading into the middle of H2 2021. You've also got a little...

PennyStocks101

EVK hasn't been a stranger to big moves quickly. Nor has it been a stranger to the 382 Fib level either. Now the second time it's tested this area, EVK continues to fail to break and hold above it (as of right now). While there's still a clear uptrend with higher lows, there's a pretty important level that may be of interest right now which is the 50 fib line....

PennyStocks101

Looking at AMZN the last time it was at its low-end support, using that as an anchor then plotting out the fibs actually revealed some pretty clear levels. Mainly this 50 fib line has remained a "high traffic" pivot for the stock this year. Even with Friday's gap down, AMZN stock briefly broke below it but held RIGHT at it by the closing bell. Also on the 1 hr,...

PennyStocks101

HOOD hasn't been trading for more than a few days but a look at the 15min chart shows that there could be a few important levels to keep track of. Mainly the 786 and 618 fib lines. 786 has shown to be the low end support level that has more or less withstood heavier selling pressure. meanwhile the 618 now appears to be a level of resistance as of the last candle...

PennyStocks101

Looks like GALT is back hanging out around the 786 level again. This is where it was trading around before the last big spike. But there's also another level to keep track of which is the 200DMA. Now that GALT is below this level, the 200 might be another possible area of resistance. Given the post-market action on Friday (7/30), GALT managed to break above the...

PennyStocks101

NTEC trying to break and hold above this 786 fib level ....AGAIN. It was a previous area of support leading up to the last sell-off but since breaking below it has remained a sticky level of resistance. "Aside from the cannabis directive, the company has also built a stronger pipeline for things like cancer. In fact, late last month, a patent abstract from...

PennyStocks101

Had to go way back to find some levels to plot against and 2017 looks like it's the mark. The interesting part is that this 236 area has been an area of traffic in the past. Considering that PAVM failed to break and hold (for now) once again might reinforce that idea. Prior to reaching those highs, the stock tested this area a few more times but failed at every...

PennyStocks101

On this episode of "Between Two Fibs" ABIO once again tested the 618 line plotted after using the recent low as the anchor. This has been a failure point 2 other times in the last few weeks but with a little more afternoon momentum, it will be interesting to see if it can break and hold above it. Other than that, the 786 fib appeared to have acted as lower...