Yes either a uptrend channel or downtrend channel.. both can be played and lots of cash made in smaller increments due to volatility and volume.
We have been in a downward channel.. which means you can establish a high and a low and channel between.. 15-18 has been the recent channel.. new up trends can be established if we break 18 and hold.. but for now.. easy 10% money out there. if we establish a lower channel then you play that..
Penny stocks are more risky to channel but not too difficult.