Exactly. Penny stocks typically have one day runs, occasionally two days. News breaks, people jump on board, get the MOMO going and when the momo dies out and people start looking for the next runner, they sell, the stock retraces and settles back to it's original level before the sudden run. No chart is needed, just experience with investing in pennies.
Of course, those who take the occasional position as a long term investment in a company are an entirely different breed of trader than what you commonly see in pennyland. Most penny traders play the runs on PR's and charts are obsolete. jmho.
