Are these penny stocks on your watchlist for October 9, 2020?
Updated: Oct 11, 2020
What are the best stocks to watch for October 9, 2020?
With hurricane Delta currently across the Gulf of Mexico, many offshore oil drills have halted operations. That will naturally cause an increase in demand, raising the price of oil.
What companies in the energy sector will benefit?
Centennial Resource Development Inc (NASDAQ: CDEV) and SandRidge Resources (NYSE: SD) are a couple of stocks in the energy sector poised to gain from the increased short term shortage in oil.
How can I invest in these stocks?
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CDEV is currently trading below the .72 level, which coincides with the 50 EMA. The .72 level would be a good entry. If conditions are right and the stock shows strength, a couple of profit targets would be the $0.80 and $0.90 levels with possible room to $1.00.
SD found resistance at the $2.00 level and has a tradeable pattern in the daily chart. A good buy zone would be the $2.00 to $2.05 levels, with profit targets at $2.25 and $2.50.
What are other sectors are hot right now?
Another sector recently on the rise is the cannabis sector. After the proposed legalization of marijuana by Kamala Harris (Vice Presidential nominee) and the recent Vermont Bill approved, cannabis stocks started to climb.
What are some good stocks in this sector?
Cronos Group Inc. (CRON) is a popular cannabis stock headquartered in Toronto, Canada. It manufactures cannabinoid products and has established several distribution stores in the United States. Another well-known cannabis stock is Aurora Cannabis (ACB). ACB is a diversified cannabis company headquartered in Canada with outlets in the United States. ACB and CRON also manufacture cannabis oils, edibles, and many other products.
How do I protect my account if the trade fails?
It is important to note that you should have an exit plan to protect your account against significant losses. At pennystocksclub13 it is recommended that traders risk a maximum of 5% per trade.
How do I know when to take profits?
It is a general recommendation for all members at pennystocksclub13 to take profits if the stock is up 5-10% or higher.
Disclaimer: Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk!