In case you re not familiar, each week, we at Penny Sleuth take a look at a list of penny stocks that are exhibiting abnormal volume, strong technicals, upcoming news, or another catalyst that suggested they might be making a material move in the coming week.

As usual, while our Watchlist errs on the safe side of small-caps, using technical analysis to tell us where a stock is headed, we opened the comments up to readers again this week, giving you the chance to offer up more speculative penny stock plays.

Let s take a look at some recently listed breakout penny stocks worth watchin:

NeoStem Inc. (AMEX: NBS) — Shares of this small-cap stem cell bank are up big following what seemed like a good earnings release. But the real reason for the size of the pop is the ascending triangle that formed between mid-December and now. With the stock only in its third day of the breakout as of this writing, we can expect shares to move higher yet this week.

— Myers Industries, a company that manufactures polymer products and tools, is facing a similar pattern as its predecessor. But unlike NeoStem, this company is still in the early stages of forming an ascending triangle. While that makes this company a slightly riskier bet, it also means that we could benefit from the biggest part of the breakout assuming the stock stays bounded.

— New Orleans-based oil and gas exploration company McMoRan Exploration is seeing a pretty great year in 2010 after the announcement of a new find caused the stock to breakout well above previous double-top resistance. Now, with shares consolidating way above December levels, we could see a continuation in the climb. Don t discount this stock just because of its runup.

— Video software company DivX is our sole downside play this go-round. Shares turned tail in early January following a significant rally that calmed shareholders fears after a series of slides in late 2009. But with support well below current levels, going long this stock isn t recommended right now.

In talking about penny stocks and ones that could potentially rebound, let s first look at recent history. There s no two ways about it: the week of January 18 was a terrible one for investors. The SandP 500 index, a good proxy for the market as a whole, shed 3.89% in four trading sessions that week — a shortened week due to the MLK Jr. holiday.

But while most stocks slid precipitously, we actually managed to continue our trend of good-sized gains by looking for predictable technical patterns. On average, that week s Watchlist plays gained 6.18%, outperforming the market s drop by 10.07%.

Looking ahead, we ll keep doing what we ve always been doing: try to better the previous week s still-impressive run.

Abraxis Bioscience is staging an ascending triangle right now, a bullish signal that suggests shares of the biotech company are due for an upward breakout. Coupled with a bullish moving average crossover, the chances of seeing a breakout in this stock are strong. Still, with stocks anything but recovered right now, don t even consider buying shares until they close above the horizontal blue line.

— Shares of Midex Gold Corp (OTC: MXGD) are seeing increased volume following a tick error that caused the stock to pop up on traders radar. Once there, many noticed that this small OTC company is actually exhibiting technically bullish signals. Be extra-careful if you do decide to trade this one; tiny OTC stocks can be very volatile.

— Brinx Resources Limited (OTC: BNXR) is another OTC stock that s seeing increased activity. Unlike MXGD, however, Brinx is staging a fully formed breakout (and over three consecutive trading days). We should be able to capitalize on upward momentum in the near future.

— Globalstar Inc. (NASDAQ: GSAT) hit a double top on January 22, a bearish signal that suggests shares are headed lower. And now, with the next support level down at 94 cents per share, this company has a long way to fall…

These charts may have already run their course by the time this article hits your computer screen.

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