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3 Stocks Under $10 in Breakout Territory - views
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.
>>5 Hated Earnings Stocks You Should Love 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.
Inovio Pharmaceuticals (INO) is a biomedical company focused on the development of next-generation vaccines to prevent or treat cancers and chronic infectious diseases. This stock closed up 3.4% to $2.11 in Tuesday's trading session.
Tuesday's Range: $2.02-$2.12
52-Week Range: $0.46-$3.03
Tuesday's Volume: 2.73 million
Three-Month Average Volume: 3.51 million
From a technical perspective, INO bounced notably higher here right off its 50-day moving average of $2 with lighter-than-average volume. This move is quickly pushing shares of INO within range of triggering a near-term breakout trade. That trade will hit if INO manages to take out Tuesday's high of $2.12 to some near-term overhead resistance at $2.24 with high volume.
Traders should now look for long-biased trades in INO as long as it's trending above its 50-day at $2 or above some more near-term support at $1.90 and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.51 million shares. If that breakout triggers soon, then INO will set up to re-test or possibly take out its next major overhead resistance levels at $2.38 to $2.54. Any high-volume move above those levels will then give INO a chance to re-test or possibly take out $2.92 to its 52-week high at $3.03. VirtualScopics
VirtualScopics (VSCP) is a provider of quantitative imaging for clinical trials serving the pharmaceutical, biotechnology and medical device industries. This stock closed up 5.6% to $3.20 in Tuesday's trading session.
Tuesday's Range: $3.05-$3.29
52-Week Range: $2.93-$8.00
Tuesday's Volume: 71,000
Three-Month Average Volume: 10,592
From a technical perspective, VSCP ripped sharply higher here with strong upside volume. This stock recently formed a triple bottom chart pattern, since shares of VSCP have found buying interest over the last month at $3, $3.03 and $2.93. This spike higher on Tuesday is quickly pushing shares of VSCP within range of triggering a near-term breakout trade. That trade will hit if VSCP manages to take out Tuesday's high of $3.29 to $3.50, and then once it clears its 50-day moving average at $3.77 with high volume.
Energy Recovery (ERII) is engaged in the design, development, manufacture and sale of energy recovery devices for sea water reverse osmosis desalination worldwide. This stock closed up 5.2% to $5.38 in Tuesday's trading session.
Tuesday's Range: $5.06-$5.45
52-Week Range: $3.20-$7.75
Tuesday's Volume: 1.04 million
Three-Month Average Volume: 459,558
From a technical perspective, ERII spiked sharply higher here and broke out above some near-term overhead resistance at $5.22 with strong upside volume. This stock has been uptrending over the last month and change, with shares moving higher from its low of $4.56 to its intraday high of $5.45. During that move, shares of ERII have been making mostly higher lows and higher highs, which is bullish technical price action. This move on Tuesday is quickly pushing shares of ERII within range of triggering a big breakout trade. That trade will hit if ERII manages to take out its 50-day moving average of $5.49 with high volume.
Traders should now look for long-biased trades in ERII as long as it's trending above Tuesday's low of $5.06 or above $5 and then once it sustains a move or close above its 50-day at $5.49 with volume that hits near or above 459,558 shares. If that breakout hits soon, then ERII will set up to re-test or possibly take out its next major overhead resistance levels $6.25 to $6.44. Any high-volume move above those levels will then give ERII a chance to tag its next major overhead resistance levels at $6.86 to $7. 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.
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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.