The Penny Picks || Which penny stocks are trending in this range-bound market?

ASX 200 is trading flat at 7027.1, losing all of the day’s gain, after retracing from the high of 7068.4. From April’s second half, the benchmark index has been witnessing a choppy trend. In the last 11 trading sessions, the market closed six times in green and the remaining five times in red. Without any clear sign of trend, the Australian market is expected to trade in a range bound session. However, a few individual stocks might witness a trending move, especially penny stocks.

MCS Services Limited share price is trading at the day’s highest level of AU$0.056, having surged by 24.4%. The stock has also breached its downward sloping trendline and is inching closer towards its 52-week high of AU$0.065. The catalyst behind the rally is the company’s Q3 FY21 results which came after market on Friday.

BBX Minerals Limited has revealed a positive development regarding its ongoing test work at the Ema project. The company said that the tests which were aimed at finetuning the recovery and analysis of gold from a surface bulk sample of mafic intrusive, have yielded consistent, highly significant results.

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