For many of us, the hottest, laziest days of the summer are here. That means the last thing a lot of us want to do is pore over a stock’s technical charts in hopes of finding the next winner. Luckily, my team and I have done the research for you this month. Keep reading for some of our top penny stock picks with the best technical set-ups, and we’ll see you again in September.
Some of the set-ups I describe below may no longer be relevant or intact as of the time you read this article. Please conduct your own due diligence. Many stocks mentioned here were also discussed in the Peter Leeds Newsletter. Peter may own shares in some of the investments mentioned, in which case that fact will be clearly indicated. Please note that penny stocks are notoriously volatile.
Gold Standard Ventures Corp. (GSV)
I’m liking Gold Standard Ventures Corp. (GSV) right now for its bullish moving averages. An abundance of doji and spinning top candlesticks on its technical charts, which typically signal investor uncertainty, could also indicate that shareholders are re-evaluating Gold Standard Ventures stock. Given the 27% loss the stock has witnessed over the past year, this could potentially suggest an uptrend ahead.
Savara Inc. (SVRA)
One of my favorite tools for technical analysis is the relative strength index (RSI), a simple metric that gives you insight into whether a stock is oversold, neutral, or overbought. At the moment, Savara Inc.’s (SVRA) RSI of 28.54 is indicating that this biotech equity is deeply oversold … and therefore more likely to witness better prices soon.
EMX Royalty Corporation (EMX)
On the last business day of July, EMX Royalty Corporation (EMX) saw an almost 7% gap up in its price—a very bullish sign indeed. Paired with excellent moving averages and oscillator data, which are respectively pointing to Strong Buy and Buy signals, the stock is looking like a great bet right now.
Senmiao Technology Limited (AIHS)
A nearly perfect inverted hammer candlestick appeared in the chart of Senmiao Technology Limited (AIHS) on the last business day of July. That’s a good sign for the group’s shareholders, because it typically is a bullish signal suggesting that a stock’s downturn is close to the end. (And after a 40% loss over the past quarter, investors could really use some good news here!)
Ceragon Networks Ltd. (CRNT)
I actually included Ceragon Networks Ltd. (CRNT) among my “Penny Stocks to Watch for August” on its strong fundamentals, before noticing that its technical analysis game was also strong. The stock had an almost perfect White marubozu candlestick at the end of July, as well as Strong Buy signals from the company’s oscillator and moving averages data.
Note that Ceragon’s earnings results came out on Aug. 2. You may want to see how those played out before you make your move. If earnings were less positive than investors expected, you may have to re-evaluate your position very quickly.
Penny stocks are volatile and can generate catastrophic losses. Price levels in this article are hypothetical and do not represent buy recommendations or investment advice. Keep in mind that it’s your responsibility to make trading decisions through your own skilled analysis and risk management.
Peter Leeds is the author of several books, including the international bestseller, “Penny Stocks for Dummies.” He and his team also issue a newsletter devoted exclusively to penny stock picks and analysis, as well as a popular YouTube channel PeterLeedsPennyStocks.