Werner Enterprises (NASDAQ: WERN) – Shares of this trucking company have been forming a big, wide ascending triangle of late, one of our favorite upside patterns in the penny stock trading world. This pattern is still nascent, however, and there’s likely some downside risk in the short-term. Wait for a break above $24 before going long.
Minerco Resources (OTC: MINE) – Minerco Resources gave you another chance to make some short-side penny stock gains last week. All told, you’ve had the chance to make 53% on shares since I first recommended betting against this stock two weeks ago. This pumper continues to be volatile, so I’m recommending that you close out your shorts now. We’ll focus on more predictable patterns instead.
Books-A-Million (NASDAQ: BAMM) – One of those predictable patterns is taking place in book retailer Books-A-Million right now. Shares triggered a downside leg off of a bearish descending triangle in June, but started to reverse back up in early July. Now, this stock is starting to show us a bullish ascending triangle pattern – albeit more of a consolidation at this point – that could push shares back up to the $6.50 range.
Playboy Enterprises (NYSE: PLA) – While Playboy may be a controversial company, the investment opportunity it’s currently presenting is decidedly less explicit. Founder Hugh Hefner announced a potential deal to take Playboy private this morning, offering current investors $5.50 per share, a major premium over the sub-$4 price the stock traded at on Friday. Shares are currently priced at $5.31, which reflects the risk that the deal won’t go through. Keep an eye on this one – it could offer interesting upside to the $5.50 range as we get closer to settlement, especially with new rumors of a competing bid.
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