Revenge Designs update RVGD
Friday 25th of January 2008 04:27:22 AM
A quick update on RVGD. I mentioned in my other post that in order for RVGD to be a good breakout candidate, it really needed to make a strong rally back up to .0035 into the close. Well it did not quite do it in one day. Instead it took two, and for now it does still look quite promising for a breakout.
It is possible we could see a gap up tomorrow and then news on Monday of next week. If we do start to get a strong breakout, I think then we have to pay attention to the downside resistance, of which it has plenty.
I will do one more update on Revenge Designs, so it will be interesting to see how it turns out. It seems like a high probability setup, not perfect, but not too bad either.
I currently see downside resistance at about .015
Revenge Designs is just one of a few sub penny plays that are hot right now. CYOS also had a big spike on Thursday and looks promising for Friday.
For the most part the penny market still seems alive and well, even with the huge broad market correction we have seen in recent weeks.
I have to be honest and tell you that I really wonder how much longer the penny stock boom cycle will last. Let us keep in mind that the broad market has been charging higher since 2003. The penny market has been booming for quite some time as well. So if the broad market goes into a really severe bear market, it does bring up the question if the penny stock market will be crushed as well. That is not to say there will not always be a few good opportunities in the penny market, there always are, but perhaps the frequency of them might dry up a bit if the broad market goes into a severe bear market.
Anyway, just something to keep in mind considering how long both the broad market and penny market has been to us!
Ok peace. That’s all for now. Keep an eye on RVGD.
Get an edge over other penny stock traders with the most powerful penny stock screening tool available today. No other mainstream broker has penny stock screening tools (for pinksheet and OTCBB stocks) like this. Try it free for 30 days or learn more about its features.
RSS 2.0
