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4 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.
pSivida (PSDV) develops drug delivery products that are administered by implantation, injection or insertion. This stock is trading up 5% to $2.43 in recent trading.
Today’s Range: $2.35-$2.58
52-Week Range: $1.02-$4.94
Three-Month Average Volume: 89,060
From a technical perspective, PSDV is ripping here off some near-term support at $2.30 with above average volume. This moving is coming after PSDV recently ran up huge from $2 to $3.50 and then back down to $2.21.
Traders should now watch PSDV for its next major breakout trade. That trade will trigger once PSDV takes out some near-term overhead resistance at $2.70 to $2.80 with high volume. Traders should now look for long-biased trades as long as PSDV holds that $2.21 low, and then once it clears $2.70 to $2.80 with heavy volume. Look for volume on that breakout that hits near or above 89,060 shares. If we get that action soon, then PSDV could easily re-test that recent super-spike high of $3.50.
Oclaro (OCLR) is a provider of core optical network components, modules and subsystems to global telecommunications equipment manufacturers. This stock is trading up 11.2% at $2.57 in recent trading.
Today’s Range: $2.31-$2.66
52-week Range: $2.11-$6.07
Three-Month Average Volume: 713,011
Shares of OCLR are soaring today after the company said its shareholders approved its merger with Opnext (OPXT), which closed July 23, 2012. The combined company will continue to operate under the Oclaro name, and today unveiled a new logo and brand identity to represent the creation of a new leader in the optical industry.
From a technical perspective, OCLR is ripping big here right off some near-term support at $2.21 with decent volume. This move has also pushed OCLR within range of taking out its 50-day moving average of $2.57. At last check, OCLR has hit an intraday high of $2.66 and volume is just slightly below its three-month average action of 713,011 shares.
Traders should now look for long-biased trades as long as OCLR is trending above its 50-day at $2.57 with strong upside volume flows. I would consider any upside volume day that registers near or above 713,011 shares as bullish. If OCLR can hold a high-volume trend above its 50-day, then this stock has a great chance of re-testing and possibly taking out its next significant overhead resistance levels at $3.10 to $3.15, or possibly even its 200-day moving average of $3.44.
AuthenTec (AUTH) is a provider of mobile and network security solutions for enterprise, government and consumer markets. This stock is trading up 3.8% at $5.23 in recent trading.
Today’s Range: $5.02-$5.34
52-Week Range: $2.23-$5.19
Three-Month Average Volume: 720,746
From a technical perspective, AUTH is moving notably higher here right off some near-term support at around $5 with heavy volume. This move has pushed AUTH into breakout territory, since this stock has started to move above some near-term overhead resistance at $5.19.
Traders should now look for long-biased trades as long as AUTH is trending above $4.80 to $5.19 with strong upside volume flows. I am using the $4.80 area because that’s a level where AUTH has found support at recently, after it gapped through it from $4.60. I would consider any upside volume day that registers near or above 720,746 shares as bullish. If AUTH can maintain a high-volume trend above those levels, then this stock has a great chance of tagging $6 in the near future.
On the flipside, I would avoid this stock if it moves back below $4.80 with high volume.
BSD Medical (BSDM) develops, manufactures, markets and services systems to treat cancer and delivers using focused radiofrequency and microwave energy. BSD business focuses to commercialize the products for the treatment of cancer. This stock is trading up 7.2% to $1.18 in recent trading.
Today’s Range: $1.06-$1.20
52-Week Range: $0.76-$3.66
Three-Month Average Volume: 51,984
From a technical perspective, BSDM is bouncing sharply to the upside here right off some near-term support at around $1.05 with above-average volume. This move is quickly pushing BSDM within range of triggering a major breakout trade. That trade will hit once BSDM takes out some near-term overhead resistance at $1.20 with high volume.
Traders should now look for long-biased trades once BSDM sustains a move or close above $1.20 with volume that’s near or above 51,984 shares. If that breakout triggers soon, then BSDM could easily re-test and possibly take out its 50-day moving average of $1.59.
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.