4 Stocks Under $10 Moving Higher
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.
SciClone Pharmaceuticals (SCLN) is a global specialty pharmaceutical company with a substantial international business, based mainly in the People's Republic of China, and with a product portfolio of novel therapies for cancer and infectious diseases. This stock is trading up 5.6% to $4.65 in recent trading.
Today's Range: $4.38-$4.69
52-Week Range: $3.68-$7.58
Three-Month Average Volume: 411,034
From a technical perspective, SCLN is bouncing higher here right off some near-term support at $4.36 with lighter-than-average volume. This move is quickly pushing shares of SCLN within range of triggering a near-term breakout trade. That trade will hit if SCLN manages to clear its 50-day moving average at $4.78 and then once it takes out more overhead resistance at $5.06 with high volume.
Traders should now look for long-biased trades in SCLN as long as it's trending above that key near-term support level at $4.36 and then once it sustains a move or close above those breakout levels with volume that hits near or above 411,034 shares. If that breakout triggers soon, then SCLN will set up to re-test or possibly take out its next major overhead resistance levels at $5.39 to its 200-day at $5.40. Any high-volume move above $5.40 will then put $6 to $6.29 into range for shares of SCLN.
GMX Resources (GMXR) is an oil and gas company engaged in the acquisition, exploration, production and development of properties for the production of natural gas and crude oil in Texas, Louisiana and New Mexico. This stock is trading up 10% to $2.16 in recent trading.