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3 Stocks Under $10 Soaring 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-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 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 a four stocks under $10 that are making large moves to the upside today.
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Accuray (ARAY) has developed a robotic radiosurgery system, CyberKnife Robotic Radiosurgery System, designed to treat solid tumors anywhere in the body as an alternative to traditional surgery. This stock is trading up 4% at $6.20 in recent trading.
Today’s Range: $5.98-$6.26
52-Week Range: $3.50-$8.73
Three-Month Average Volume: 611,373
Shares of ARAY are ripping higher today after the company announced it is on track to meet or exceed integration success metrics and expecting near-term return to profitability.
From a technical perspective, ARAY is bouncing sharply here off some near-term support at $5.90 with light volume. This move is quickly pushing ARAY within range of triggering a major breakout trade. That trade will hit once ARAY takes out some near-term overheard resistance at $6.6, and then its 50-day at $6.69 with high volume.
Traders should now look for long-biased trades if ARAY can sustain a move or close above those levels with volume that’s near or above 611,373 shares. If we get that action soon, then look for ARAY to tag its next major overhead resistance levels at $7.30 to $8.07. That $8.07 level can be achieved once $7.30 is taken out with volume. Traders should look for those near-term support levels at $5.90 to $5.80 to hold up if this stock is going to make that run soon.
LDK Solar (LDK) is a vertically integrated manufacturer of Photovoltaic (PV) products. LDK Solar’s products include Polysilicon, Solar Wafers, Solar Cells, Solar Modules and Solar Farm Projects. This stock is trading up 5% at $2.30 in recent trading.
Today’s Range: $2.17-$2.32
52-Week Range: $1.54-$7.52
Volume: 1 million
Three-Month Average Volume: 1.6 million
From a technical perspective, LDK is ripping higher here with decent volume. This move is quickly pushing the stock within range of triggering a near-term breakout trade. That trade will hit once LDK takes out some near-term overhead resistance at $2.34, and then its 50-day moving average of $2.61 with high-volume.
Traders should look for long-biased trades if LDK can sustain a move or close above those levels with volume that’s near or above 16 million shares. If we get that action soon, then LDK could easily re-test its next significant overhead resistance levels at $3.10 to $3.26, or possibly even its 200-day moving average of $3.92. Keep in mind that LDK is set to report earnings on June 26 before the open.
Exco Resources (XCO) is an independent oil and natural gas company engaged in the exploration, exploitation, development and production of onshore the U.S. oil and natural gas properties with a focus on shale resource plays. This stock is trading up 2% to $6.88 in recent trading.
Today’s Range: $6.82-$7.04
52-week Range: $5.65-$19.20
Volume: 3.2 million
Three-Month Average Volume: 6 million
From a technical perspective, XCO is flirting with taking out its 50-day moving average of $6.86 here with light volume. At last check, this stock has hit an intraday high of $7.04, but it has since then pulled back to its current price of just under $6.90.
Traders should now watch for a major breakout trade to trigger for XCO. That trade will hit once XCO takes out some near-term overhead resistance at $7.05 with high-volume. Traders should now look for long-biased trades if XCO can sustain a move or close above $7.05 with volume that’s near or above 6 million shares. If we get that action today or soon, then look for XCO to re-test or possibly take out its next significant overhead resistance level of $8.20. If that $8.20 level gets hit and taken out, then XCO could easily tag its 200-day moving average at $8.84 in the near future.
Exco shows up on a recent list of 25 Energy Stocks to Consider.
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.