This post is a technical analysis of the headlined stocks as of 12:30 pm est on Monday 8/5/13.
FREE ($0.2324): FREE is working on its first 2 day winning streak in over a month and having its highest back-to-back green volume days in its history. Combine that with the stock bouncing off of a 52-week low and you’ve got the making of a nice bottom play. The key for FREE now is holding above $0.20. If that can happen, I like the potential for a move into the $0.30′s. A potential red flag from today is that psychological resistance at $0.25 broke but the stock didn’t make much of a push higher. FREE did gap higher today though so if it can stay green and have a nice end to the day it might make for another good gapper.
BLUF ($1.86): Latest promo by “Best Damn Penny Stocks” and “The Bull Exchange.” Stock is having a nice day, but the chart isn’t that clean. What I mean by that, is usually the best promo plays don’t have any chart history before they start trading big volume but BLUF has had a few $100,000+ days since June. To me that limits the upside potential, but so far so good and it should have a decent gap to it tomorrow if it can stay above $1.80-$1.90. Looking out past today, BLUF will need to hold $1.50 and move above $2 by the end of the week in order to set up a test of its 52-week high at $2.97.
FNMA ($1.77): Having its first 3 day winning streak since bottoming in late July. In addition, FNMA is on the verge of breaking out above its July high at $1.78. Above $1.78 and $1.82 is minor resistance. Above $1.82 targets a test of $2. Key support on FNMA to maintain today’s move is $1.60-$1.65. FNMA has a huge following and good liquidity as everyone has the epic $0.30-$5 move fresh in their heads. While that move isn’t likely to be repeated, if it can break $2 there’s a good chance for a stairstep rally towards $2.50-$3.
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