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2 Tech Stocks Gearing Up to Break Out - 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.
OCZ Technology (OCZ) provides solid-state drives and memory modules for computing devices and systems. This stock closed up 1.8% to $1.62 in Tuesday's trading session.
Tuesday's Range: $1.57-$1.65
52-Week Range: $1.11-$7.67
Tuesday's Volume: 926,000
Three-Month Average Volume: 1.46 million
From a technical perspective, OCZ trended modestly higher here right above its 50-day moving average of $1.46 with decent upside volume. This stock has been uptrending strong for the last two months, with shares soaring higher from its low of $1.16 to its recent high of $1.77. During that move, shares of OCZ have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of OCZ within range of triggering a near-term breakout trade. That trade will hit if OCZ manages to take out some near-term overhead resistance levels at its 200-day moving average of $1.68 to more resistance at $1.77 to $1.90 with high volume.
Traders should now look for long-biased trades in OCZ as long as it's trending above its 50-day at $1.46 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.46 million shares. If that breakout hits soon, then OCZ will set up to re-test or possibly take out its next major overhead resistance levels at $2.28 to $2.31. Any high-volume move above those levels will then put its next major overhead resistance level at $2.77 into range for shares of OCZ.
Synacor (SYNC) is a provider of startpages, TV Everywhere solutions, Identity Management services and various cloud-based services across multiple devices for cable, satellite, telecom and consumer electronics companies. This stock closed up 5.6% to $3.17 in Tuesday's trading session.
Tuesday's Range: $2.98-$3.17
52-Week Range: $2.58-$13.47
Tuesday's Volume: 218,000
Three-Month Average Volume: 376,543
From a technical perspective, SYNC ripped higher here right above some near-term support at $2.96 with lighter-than-average volume. This stock has been finding buying interest over the last month and change whenever it has pulled back to $3 or around $2.85. Shares of SYNC are now quickly moving within range of triggering a major breakout trade. That trade will hit if SYNC manages to take out some near-term overhead resistance levels at $3.23 to its 50-day at $3.32 and then once it clears more resistance at $3.35 with high volume.
Traders should now look for long-biased trades in SYNC as long as it's trending above some near-term support at $2.96 and then once it sustains a move or close above those breakout levels with volume that hits near or above 218,000 shares. If that breakout triggers soon, then SYNC will set up to re-test or possibly take out its next major overhead resistance levels at $3.98 to $4.17. Any high-volume move above those levels will then put its 200-day at $4.36 into range for shares SYNC.
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.