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March 7, 2021, 2:36 p.m. EST

Hot Penny Stocks On Webull Traders Are Watching This Week

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Mar 07, 2021 (Penny Stocks via COMTEX) -- Are Webull Traders Right About These Penny Stocks?

With the rise of apps like Robinhood and Webull, penny stocks are more easily accessible to the masses. Millions of new traders flocked to the stock market in 2020 with visions of big money bets on popular stocks. But many had soon found that with these popular apps, some restrictions are in place. Mainly, things like OTC penny stocks aren't accessible for the most part. While there have been some exceptions, the general rule is that penny stocks on Webull or Robinhood are only those trading on major exchanges.

The reason for this, most likely, is that the Nasdaq and NYSE exchanges require companies to meet stringent requirements. This includes both a minimum price as well as a minimum level of transparency via disclosure reporting. Needless to say, this restriction hasn't stopped thousands of new traders from downloading the app and getting started trading penny stocks on Webull.

Aside from things like free stock, something that the app offers that other apps like Robinhood don't is a community. Everything from discussion boards to sentiment scores is user-generated, giving a glimpse at what "the crowd" thinks of a specific stock. In today's market, social sentiment has become a driving force. Within just a few months, Reddit users have made their presence known, with the community continuing to grow.

Traders now need to consider the "hype" factor when putting a list of penny stocks together. I won't advocate buying a stock based on what social media tells you. But I will say that it is something to factor into your overall diligence process. In many cases, overly-hype stocks have a short shelf life resulting in big moves up and big moves down within days or even hours. With this in mind, here's a short list of penny stocks Webull-ers are talking about this week. Will they be top names to buy or avoid?

Webull Penny Stocks To Buy [or avoid] This Week

  1. Castor Maritime ( NASDAQ: CTRM )

  2. Zomedica Corp. ( NYSE: ZOM )

  3. Senseonics Holdings ( NYSE: SENS )

  4. Torchlight Energy Resources ( NASDAQ: TRCH )

  5. Onconova Therapeutics ( NASDAQ: ONTX )

Penny Stocks To Buy [or avoid] #1: Castor Maritime (CTRM)

I won't go into a long, drawn-out discussion about markets last week. We know they experienced plenty of selling. But one thing I will highlight is that even with the multi-day sell-off, Friday saw a monster rebound. This wasn't only in broader markets but with many penny stocks too. Some bounced over 100% from their intraday lows. While Castor Maritime wasn't part of the triple-digit club, CTRM stock managed to post a 24% rally by the closing bell. What's more, if you look at the stock chart, you'll also see that it tested a significant technical level - the 50 Day Moving Average - but didn't break below it. Whether this level is a firm area of support or if the broad market rally simply bailed out CTRM is for you to decide.

[Read More] 5 Penny Stocks To Watch This Week As Biotech Takes Spotlight

Regardless, shares ultimately tested lows of $0.65, which is significant. The reason being is that this mid-60 cent level was a previous level of support back in late January and early February. So the market rebound may have factored in, but those who like to look at technicals will also see the 65 cent area has historic support when you track certain levels earlier this year. Not only that, but it was also a point of focus in 2020 before CTRM stock dropped in June.

In any case, shipping stocks like CTRM have gotten a lot of attention recently. With oil & gas being in the market spotlight and restarting the global economy, Castor experienced a big move early on. The company also announced the delivery of a new vessel to add to its fleet. This now brings Castor's total to 12 vessels on a fully delivered basis. Given the current market sentiment, will Webull traders be right about CTRM this week?

2. Zomedica Corp. (ZOM)

Zomedica has been one of the top penny stocks to watch for months. It wasn't that long ago when ZOM was trading under $0.10. Key milestones and anticipation of a big commercial launch of its TRUFORMA(R) animal diagnostic product has traders keeping it on their list. Despite it being an early-stage company, Zomedica has reported strong financials coming into its first step in commercial sales.

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