Top Penny Stock to Watch – PMDP
Posted on November 5, 2009 by Penny Stocks Picker
PMDP has been on my watchlist on and off since 7/12/09 and is my top penny stock to watch for Friday. I re-posted PMDP again last night 11/4/09 at a price of .0013 and noted the triangle pattern along with resistance at .0014 needed to be broken. I was fortunate enough to pick up a position at .0005 just at the beginning of the run-up in October and have been holding it since (Yes, I fell asleep forgetting to take my profits the first time it went to .0018 ).
On the PMDP chart below you can see that .0014 was resistance including several daily high price zones and the triangle pattern (in blue). Today 11-5-09 PMDP was able to break the .0014 resistance (confirmation to buy signal) to close at .0020. Closing today above the resistance point of .0018 on strong volume shows great strength. Watch to ensure the new support at .0018 is not broken (I wouldn’t mind if it came back and tested .0018 again). Lot’s of room on the upside as the next resistance point is .0040 from December of 2008.
Tags: penny stock to watch, top penny stock
Filed Under: Picks N Tips
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Regards
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lOOKS MORE LIKE A ASCENDING TRIANGLE TO ME! WHAT DO YOU THINK? .0015 IS THE HORIZONTAL LINE
I noted on the 11/4/09 post that it looked like an ascending triangle. Looking at it again on 11/5/09 I drew a symetrical triangle on the 3 month chart. You will notice today that PMDP pulled back to bounce off the .0014 support zone that it broke out of. That .0014 support is the top of the current symetrical triangle pattern or an ascending traingle pattern with the top at .0014. Guess it’s a matter of opinion as to what price the top of the ascending triangle is at or the exact type of triangle pattern it is. Showing it as a symetrical triangle pattern takes some confusion out of determing the exact top of the pattern and better identified the breakout point.