Before I launch into my favorite plays for this week, please be sure to check out my recommended resources page that details some of the FREE but very useful stock trading tools, DVDs and other educational products that helped turn me into a profitable trader.

I often get my stock pick ideas from a few millionaire traders that have a lot more experience than I do. If you want to get these free stock updates from them as well, check out my step-by-step guide on how to get free stock watch lists!

Thanks to this millionaire trader for giving me some ideas on tonights watch list!

$SGYP – SGYP has seen a really big fall in price recently and has been basing nicely around $3 per share. I am not interest in buying this until it starts to push past $3.05 on convincing volume. Otherwise, I know what happens – it will just trade sideways forever and not do much. Still if it can break out of this base I see no reason that would stop it getting up to the $3.40 – $3.50 price range. This would be a nice move but we will just have to wait and watch carefully.

$SFUN has formed a nice rounded bottom on the daily chart over the last few months. It looks like it wants to break this level at $3.52. A break of #.58 could see this move up to $3.68 and above. Not looking for a huge percentage upside move here, but relatively low risk with a decent base forming providing the stop loss area around $3.45.

$BTSC – I am not really into such low value stocks but this one was brought to my attention today. I have been making decent money recently trading these type of fibonacci retracement charts so I am watching this one for tomorrow. Possible 20% upside to be had from $0.1 to $0.12 thanks to the nice volume today and bullish reversal candle.

$ERII – Last but not least! I am watching this chart for a move up past $6.5 resistance, which it nearly did today but din’t quite make it. This has some pretty big potential upside as you can see from the chart if it fills the gap. MACD and RSI is curling up nicely out of the oversold region and hopefully we see a test of the $6.8 resistance level (20 MA). IF it breaks that it could run all the way to $7.5 and above so pretty nice risk/reward on this one!

Thanks again to this millionaire trader and his colleagues who are very often the source of many of my stock pick ideas. I hope there is an idea here that makes you money in the coming weeks!

Good luck in the markets!

Wesley.

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