Penny Stock Education

[Cletus Vandamn]

MDW - Strong breakout coming on the daily chart. Volume above average at 3 mil

MDW is a gold stock that thrying to breaking out. With gold at all time highs and breaking out as well, lower priced gold stocks have been moving higher as well. The daily chart on this one MDW caught my attention. The first resistance is 2.40 and then from there is a massive breakout so even buying for a move to 2.40 is some decent upside but I think this goes to at least 2.75+. I have bought it in the past for swing trades, and technically speaking, I think this stock could breakout big. Volume today was way above average at 3 million shares traded which signals interested in the stock. MDW tested 2.37 close to the resistance today but gold and the market sold off after spiking which brought MDW down a bit with them. I think the path to least resistance is up for this stock although it may take a few days to breakout. I am looking to buy in any dips or else add if it trends up tomorrow. See chart.

Today the stock had some good news regarding gold they had recovered so this should ring more attention to the stock.

http://biz.yahoo.com/bw/110502/20110502006131.html?.v=1