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2 Consumer Goods Stocks Under $10 in Breakout Territory - views
Stocks that are making large moves like these are favorites among short-term traders because they can jump into these names and try to capture some of that massive volatility. Stocks that are making big-percentage moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst such as a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst downgrade.
Regardless of the reason behind it, when a stock makes a large-percentage move, it is often just the start of a new major trend -- a trend that can lead to huge profits. If you time your trade correctly, combining technical indicators with fundamental trends, discipline and sound money management, you will be well on your way to investment success.
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside today.
SkyPeople Fruit Juice
SkyPeople Fruit Juice (SPU) is engaged in the business of production and sales of concentrated fruit juices, fast-frozen and freeze-dried fruits and vegetables and fruit juice drinks. This stock closed up 2.5% to $2.42 in Tuesday's trading session.
Tuesday's Range: $2.27-$2.46
52-Week Range: $1.40-$2.90
Tuesday's Volume: 126,000
Three-Month Average Volume: 41,045
From a technical perspective, SPU jumped higher here right above its 50-day moving average of $2.19 with above-average volume. This move is starting to push shares of SPU within range of triggering a near-term breakout trade. That trade will hit if SPU manages to take out some near-term overhead resistance levels at $2.52 to $2.64 with high volume.
Traders should now look for long-biased trades in SPU as long as it's trending above its 50-day at $2.19 and then once it sustains a move or close above those breakout levels with volume that hits near or above 41,045 shares. If that breakout triggers soon, then SPU will set up to re-test or possibly take out its next major overhead resistance levels at $2.74 to $2.80. Any high-volume move above those levels will then put its 52-week high at $2.90 into range for shares of SPU.
Inventure Foods (SNAK) develops, produces markets and distributes snack food products and frozen berry products. This stock closed up 1% to $9.64 in Tuesday's trading session.
Tuesday's Range: $9.29-$9.69
52-Week Range: $5.55-$9.74
Thursday's Volume: 65,000
Three-Month Average Volume: 59,788
From a technical perspective, SNAK bounced higher here with above-average volume. This move is quickly pushing shares of SNAK within range of triggering a near-term breakout trade. That trade will hit if SNAK manages to take out its 52-week high at $9.74 with high volume.
Traders should now look for long-biased trades in SNAK as long as it's trending above some key near-term support levels at $8.88 to its 50-day at $8.56, and then once it sustains a move or close above its 52-week high at $9.74 with volume that hits near or above 59,788 shares. If that breakout triggers soon, then SNAK will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $13.
To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.