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6 Stocks Under $10 Moving Higher - views
Stocks that are making large percentage 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 like a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst upgrade.
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No matter what the reason is, when a stock makes a large percentage move it is often times just the start of a new major trend. A trend that can lead to huge profits if you time the trade correctly and combine a number of technical indicators like volume, price, and momentum indicators such as relative strength. Combine all of those technical indicators with fundamental trends, disciple and sound money management and you will be well on your way to investment success.
Let's take a closer look at a number of stocks under-$10 that are making large percentage moves to the upside Friday. These names warrant a close look since there’s clearly investor interest. Some of these names could potentially be just starting an even larger trend higher.
Spanish Broadcasting System (SBSA)
This company is a Hispanic-controlled media and entertainment company in the U.S. This stock is trading up 16.7% at $4.19 in recent trading.
Friday’s Range: $3.45 to $4.19
52-week Range: 95 cents to $12.10
Three-Month Average Volume: 78,668
From a technical standpoint, SBSA is starting to trigger a breakout trade Friday above some overhead resistance at $4.05. This stock is also getting very close to moving back above its 200-day moving average of $4.37. Market players should continued to look for long-biased trades in SBSA if this stock can manage to close back above its 200-day at $4.37 on solid volume in the near future. Look for volume on that move that’s near or well above its three-month average action of 78,668 shares. If we get that action, look for SBSA to retest $5 and then $7.55 if $5 is taken out on high-volume.
This company designs, develops, manufactures, sells and supports precision, semiconductor wafer probe card products and solutions. This stock is trading up 6.8% at $5.46 in recent trading.
Friday’s Range: $5.12 to $5.48
52-week Range: $4.68 to $11.05
Three-Month Average Volume: 536,605
From a technical standpoint, FORM has started to break out above some near-term overhead resistance at $5.32 on solid volume. Traders should now watch for FORM to sustain a high-volume move or close above its 50-day moving average of $5.45 to trigger that this stock wants to continue its uptrend. Look for volume that’s near or above 536,605 shares. If we see that move, then FORM has a good chance to retest $6 to $6.50 in the near future.
Orexigen Therapeutics (OREX)
This company is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity. This stock is trading up 10.4% at $2.32 in recent trading.
Friday’s Range: $2.08 to $2.34
52-week Range: $1.22 to $10.08
Three-Month Average Volume: 480,087
From a technical standpoint, OREX is surging higher Friday on monster volume and the stock is quickly approaching some key breakout levels. Traders should now watch OREX to trigger a breakout if this stock can manage to clear some overhead resistance at $2.34 with volume. A sustained high-volume move or close above $2.34 should set this stock up to retest its next significant overhead resistance level at $2.68. Any high-volume move over $2.68 should be considered extremely bullish, since it would give OREX a chance to challenge a gap down from last June that started at $3.45.
Air Transport Services Group (ATSG)
This company provides aircraft for lease, airline operations, aircraft maintenance and other related services primarily to the shipping and transportation industries. This stock is trading up 11.5% at $5.61 in recent trading.
Friday’s Range: $5.00 to $5.63
52-week Range: $3.86 to $8.65
Three-Month Average Volume: 247,619
From a technical standpoint, ATSG is soaring higher Friday and breaking out above $5.20 on solid volume. Market players should now watch for ATSG to trigger its next breakout trade if this stock can manage to clear its 200-day moving average of $5.79 and then some overhead resistance levels at $5.92 to $6. A sustained high-volume move and close above those levels should set this stock up to trend back towards $7 to $8 in the near future. Look for volume on any breakout that registers near or above 247,619 shares.
SinoCoking Coal and Coke Chemical Industries (SCOK)
This company is a coal and coke producer based in Henan Province, People’s Republic of China. This stock is trading up 12.9% to $2.88 in recent trading.
Friday’s Range: $2.56 to $3.07
52-week Range: $2.03 to $12.85
Three-Month Average Volume: 65,187
From a technical standpoint, SCOK has started to trigger a big breakout trade Friday now that the stock has cleared some overhead resistance at $2.60 and its 50-day moving average of $2.86 on monster volume. Market players should now look for long biased trades in SCOK as long as this stock remains above the 50-day next week. Some potential upside targets are $3.39 and possibly $4 if the strong upside volume continues to show up.
This company, through its subsidiaries is a service provider focusing on distributing wealth management products to the high-net-worth population in the People’s Republic of China. This stock is trading up 14% to $6.65 in recent trading.
Friday’s Range: $5.84 to $6.69
52-week Range: $5.73 to $18.45
Three-Month Average Volume: 130,352
From a technical standpoint, NOAH is quickly approaching a big breakout if this stock can manage to take out $6.55 and then its 50-day moving average of $7 in the near future. Volume Friday was strong and this stock traded as high as $6.70 before closing at $6.48. Market players should now look for a sustained high-volume move or close above $6.55 and $7 to trigger a breakout trade. Some potential upside targets if we get the breakout are $7.50 to $9. Look for volume that registers near or above 130,352 shares. Traders should look for long-biased trades once NOAH clears the 50-day with volume, and as long as it stays above that level once it’s cleared.
To see more stocks under-$10 that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
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.