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5 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 several stocks under $10 that are making large moves to the upside today.
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XenoPort (XNPT) is a biopharmaceutical company focused on developing and commercializing a portfolio of internally for the treatment of neurological disorders. This stock is trading up 10.2% to $5.70 in recent trading.
Today’s Range: $5.28-$5.63
52-Week Range: $3.46-$7.90
Three-Month Average Volume: 416,331
Shares of XNPT are ripping higher today after Wells Fargo initiated the stock with an outperform rating and a price target of $7 to $9. Analyst Brian Abrahams said, “While the opportunity for marketed agent Horizant and phase III candidate arbaclofen placarbil may be more modest, we believe their combined future revenue streams put a floor in valuation near where the shares currently trade.”
From a technical perspective, XNPT is skyrocketing today right near its 50-day moving average of $5.07 with above-average volume. This move is quickly pushing the stock within range of a major breakout trade. That trade will hit once XNPT takes out some overhead resistance at $6.35 to $6.43 with high volume.
Traders should continue to look for a long-biased trade as long as XNPT is trending above its 50-day, and once it takes out $6.35 to $6.43 with volume that’s near or above 416,331 shares. If we get that action soon, then XNPT could easily explode higher towards $7 to $8 in the near-term.
On the flipside, I would avoid this stock if it were to move below some major near-term support at $5 with heavy volume.
Dendreon (DNDN) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may improve cancer treatment options for patients. This stock is trading up 8.1% to $7.69 in recent trading.
Today’s Range: $7.25-$7.88
52-Week Range: $5.69-$42.00
Volume: 12.5 million
Three-Month Average Volume: 6.4 million
Shares of DNDN are ripping higher today after Research firm Summer Street initiated coverage on the stock with a buy rating and a price target of $18, citing the potential promise for the their drug Provenge.
From a technical perspective, DNDN is showing a continuation momentum pattern today after the stock ripped higher Wednesday with monster volume. This move today is quickly pushing the stock within range of a near-term breakout trade. That trade will hit once DNDN takes out some near-term overhead resistance at $7.88 to $8.10 with high volume.
Traders should now look for long-biased trades if DNDN can sustain a move or close above $7.88 to $8.10 with volume that’s near or above 6,360,590 shares. At last check, DNDN has hit an intraday high of $7.88 and volume has already hit over 12 million shares traded. If we get that breakout soon, then look for DNDN to easily tag its 50-day moving average of $8.82, and possibly continue upwards towards $9.30.
Mips Technologies (MIPS) is a provider of industry-standard processor architectures and cores for digital home, networking and mobile applications. This stock is trading up 6.4% at $6.61 in recent trading.
Today’s Range: $6.37-$6.69
52-Week Range: $3.87-$8.27
Three-Month Average Volume: 976,166
Shares of MIPS are soaring today after the company said China-based Nationz Technologies has licensed its microprocessors for use in mobile payment products.
From a technical perspective, MIPS is moving sharply higher here on decent volume as the stock bounces right off its 50-day moving average of $6.34. This move is quickly pushing the stock within range of a near-term breakout trade. That trade will hit once MIPS moves above some near-term overhead resistance at $6.89 to $7.10 with high volume.
Traders should now look for long-biased trades as long as MIPS is trending above its 50-day and once it sustains a move or close above $6.89 to $7.10 with volume that’s near or above 976,166 shares. If that breakout triggers soon, then MIPS has an excellent chance of re-testing and possibly taking out its next major resistance level of $7.38.
Smart Balance (SMBL) is a marketer of functional food products in the U.S. and Canada under the Smart Balance, Earth Balance and Bestlife. This stock is trading up 6.5% at $7.77 in recent trading.
Today’s Range: $7.32-$7.98
52-Week Range: $4.47-$7.50
Three-Month Average Volume: 338,267
From a technical perspective, SMBL is ripping higher here on above-average volume. This move today has now pushed SMBL into breakout territory since the stock has moved above some near-term overhead resistance at $7.49 with high volume. At last check, SMBL has hit an intraday high of $7.99, and volume is well above its three-month average action.
Traders should continue to look for long-biased trades as long as SMBL is trending above its breakout levels of $7.05 to $7.49 with strong upside volume flows. I would consider any upside volume days near or above 338,267 shares with the stock above those breakout levels as bullish.
Gentiva Health Services
Gentiva Health Services (GTIV) provides home health services and hospice care throughout the United States. This stock is trading up 6.1% to $6.01 in recent trading.
Today’s Range: $5.65-$5.97
52-Week Range: $2.81-$21.96
Three-Month Average Volume: 376,545
From a technical perspective, GTIV is soaring higher here on light volume as the stock bounces off some near-term support at around $5.45. This move is quickly pushing GTIV within range of triggering a near-term breakout trade. That trade will hit once GTIV takes out some near-term overhead resistance at $6.20 with high-volume.
Traders should now look for long-biased trades if GTIV can sustain a move or close above $6.20, and then its 200-day at $6.59 with volume that’s near or above 376,545 shares. If we get that action soon, then GTIV could easily re-test and possibly take out its 50-day moving average of $7.08.
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.