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3 Stocks Under $10 Moving Higher - 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 moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst like a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst upgrade.
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 several stocks under $10 that are making large-percentage moves to the upside today.
Renren (RENN) is a social networking Internet platform in China. Renren generates revenues from online advertising and Internet value-added services. This stock is trading up 4.3% at $5.76 in recent trading.
Today’s Range: $5.61-$6.18
52-Week Range: $3.21-$24.00
Volume: 21.3 million
Three-Month Average Volume: 9.3 million
From a technical perspective, RENN has started to move back above its 50-day moving average today at $5.39 on monster upside volume. This move has also briefly triggered a breakout trade since RENN took out some near-term overhead resistance at $5.92 to $6.09. At last check, the stock has hit a daily high of $6.20, but has now pulled back to around $5.80.
Traders should now look for long-biased trades if RENN can manage to close near its daily highs and above $5.92. If we get that action soon, then look for RENN to make a run at $6.80 to $7.34 in the near future.
Renren shows up on a list of 3 Tech Turnaround Stocks for 2012.
Rick’s Cabaret (RICK), through its subsidiaries, owns and/or operates a total of 21 adult nightclubs that offer live adult entertainment, restaurant and bar operations. This stock is trading up 4.2% at $9.71 in recent trading.
Today’s Range: $9.39-$9.79
52-Week Range: $6.06-$11.05
Three-Month Average Volume: 50,403
Shares of RICK are surging today after the company said its nightclub sales rose to $25 million in the quarter ended March 31, 2012, a 17.9% increase over the $21.2 million registered in the same period in 2011.
From a technical perspective, RICK has started to bounce right off its 50-day moving average of $9.43 today with above average volume. This move has also started to trigger a near-term breakout trade now that the stock is moving above some near-term overhead resistance at $9.55.
Traders should continue to look for long-biased trades in RICK as long as it’s trending above $9.55 and it closes near its daily highs with strong volume. If we get that action, look for RICK to make a run at $10.25 to $10.50 or higher in the near future.
Aegean Marine Petroleum Network
Aegean Marine Petroleum Network (ANW) is a vertically integrated photovoltaic, product manufacturer. This stock is trading up 1.6% to $7.11 in recent trading.
Today’s Range: $7.07-$7.38
52-Week Range: $3.19-$9.44
Three-Month Average Volume: 312,879
Shares of ANW are moving slightly higher today after the company announced a strategic alliance with China Changjiang Bunker (Sinopec). The strategic partnership will enable ANW to meet the marine fuel needs of its customer’s in mainland China.
From a technical perspective, ANW is moving modestly higher today on decent volume. This move is pushing the stock within range of triggering a near-term breakout trade. That trade will hit once ANW takes out $7.22 to $7.65 with volume.
Traders should consider long-biased trades if ANW can move and close over those levels with volume that’s near or above 312,879 shares. If we get that action soon, look for ANW to make a run at its next significant overhead resistance level of $9.43 or possibly higher.
To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.