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Over the last 19 months, the penny stock has consistently traded in a well-established range, with support near $4.75 and resistance near $7.00. In early October, Hydrogenics share price spiked on news of a new $90.0-million contract. More significantly, on the heels of strong third-quarter results, and an improved outlook, the companys share price broke above its long-tested $7.00 resistance level on strong volume. Yesterday, penny stocks share price retraced below its $7.00 resistance level; perhaps on profit taking. Going forward, investors should watch for a sustained price below $7.00, or, if like before, it breaks above on heavy volume. During the third quarter, Hydrogenics booked $42.3 million of new orders. During the same period, the penny stocks order backlog rose nearly 150% year-over-year to $61.4 million. On the strength of this backlog, Hydrogenics projects 2012 year-over-year revenue growth of 45-55%. With strong fundamentals and a solid outlook, Hydrogenics has great momentum and both shortand long-term growth potential. Given current demand trends, the penny stock is well-positioned for improved financial performance heading into 2013.
Article Source:
http://www.pennystockdetectives.com/