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3 Stocks Under $10 Making Big Moves - 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.
Venaxis (APPY) is a biomedical diagnostic company that develops products for human diagnostic and animal health therapeutic needs. This stock is trading up 3.1% to $1.37 in recent trading.
Today's Range: $1.33-$1.38
52-Week Range: $1.18-$3.96
Volume: 1.23 million
Three-Month Average Volume: 359,603
From a technical perspective, APPY is trending higher here right above some near-term support at $1.30 with heavy upside volume. This stock has been dowtrending badly for the last four months, with shares dropping from $2.70 to its recent low of $1.27. During that move, shares of APPY were consistently making lower highs and lower lows, which is bearish technical price action. That move pushed shares of APPY into oversold territory, since its relative strength index dipped well below 30. Shares of APPY have now started to rebound off that $1.27 low and are quickly moving within range of triggering a near-term breakout trade, which will hit if APPY manages to take out some near-term overhead resistance at $1.40 with high volume.
Traders should now look for long-biased trades in APPY as long as it's trending above $1.30 and then once it sustains a move or close above $1.40 with volume that hits near or above 359,603 shares. If that breakout triggers soon, then APPY will set up for a potentially explosive move higher off oversold levels. Some possible upside targets off that breakout are $1.60 to $1.70, or even its 50-day moving average at $1.83.
Rockwell Medical (RMTI) is a biopharmaceutical company targeting end-stage renal disease and chronic kidney disease with innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis. This stock is trading up 2.1% to $4.08 in recent trading.
Today's Range: $3.92-$4.11
52-Week Range: $3.16-$10.70
Three-Month Average Volume: 569,097
From a technical perspective, RMTI is bouncing higher here right above its 50-day moving average of $3.84 with above-average volume. This stock has started to enter breakout territory, since it's taken out some near-term overhead resistance at $3.98. That move is quickly pushing shares of RMTI within range of triggering another major breakout trade. That trade will hit if RMTI manages to take out some near-term overhead resistance levels at $4.20 to $4.32 and then once it clears more resistance at $4.50 to $4.86 with high volume.
Traders should now look for long-biased trades in RMTI as long as it's trending above its 50-day at $3.84 or above some more key support at $3.77 and then once it sustains a move or close above those breakout levels with volume that hits near or above 569,097 shares. If that breakout triggers soon, then RMTI will set up re-test or possibly take out its next major overhead resistance levels at $5 to 5.20. Any high-volume move above those levels will then put $5.50 to its 200-day moving average at $6.13 into range for shares of RMTI.
Comstock Mining (LODE) is a gold and silver mining company with contiguous property in the historic Comstock and Silver City mining districts. This stock is trading up 4.9% to $2.08 in recent trading.
Today's Range: $1.99-$2.08
52-Week Range: $1.67-$3.42
Three-Month Average Volume: 195,691
From a technical perspective, LODE is surging higher here back above its 50-day moving average of $1.97 with above-average volume. This move has started to push LODE into breakout territory since the stock has taken out some near-term overhead resistance levels at $2.04 to $2.05. At last check, LODE has hit an intraday high of $2.08 and volume is well above its three-month average action of 195,691 shares. This move is quickly pushing shares of LODE within range of triggering another major breakout trade, which will hit if LODE takes out some near-term overhead resistance levels at $2.18 to $2.20 with high volume.
Traders should now look for long-biased trades in LODE as long as it's trending above its 50-day at $1.97 and then once it sustains a move or close above those breakout levels with volume that hits near or above 195,691 shares. If that breakout triggers soon, then LODE will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average or $2.37 to $2.43. Any high-volume move above $2.43 will then put $2.80 to $2.97 into range for shares of LODE.
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 Madison, Wis.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Madison, 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.