5 Stocks Under $10 Ready to Soar Higher

WINDERMERE, Fla. (Stockpickr) -- Every day on Wall Street, there are stocks trading for $10 a share or less that experience massive spikes higher. Traders savvy enough to follow the low-priced names and trade them with discipline and sound risk management are banking ridiculous coin on a regular basis.

Just take a look at some of the hot movers in the under-$10 complex from Wednesday, including iGo (IGOI) , which exploded higher by 31%; Acura Pharmaceuticals (ACUR) , which ripped higher by 25%; Jacksonville Bancorp (JAXB) , which soared by 20%; and Biolase (BIOL) , which trended up by 19.4%. You don't even have to catch the entire move in lower-priced stocks such as these to make outsized returns when trading.

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One low-priced stock that's exploding to the upside today is biotechnology and drugs player OXiGENE (OXGN) , which I highlighted in Feb. 5's "3 Stocks Under $5 Making Big Moves" at around $4.28 a share. I mentioned in that piece that shares of OXGN were ripping higher right off some near-term support at $3.96 a share with above-average volume. That action was quickly pushing shares of OXGN within range of triggering a near-term breakout trade. That trade would hit if OXGN took out its 50-day at $4.59 a share and then more overhead resistance at $4.90 a share with volume.

Guess what happened? Shares of OXGN are exploding higher right now by 26% and the stock has triggered that breakout with heavy upside volume. Volume so far today has registered 691,000 shares versus its three-month average daily volume of 21,144 shares. Anyone who bought the stock in anticipation of that breakout is being handsomely rewarded today. What's great about this move in OXGN is that volume was expanding dramatically to the upside on Tuesday and Wednesday, so this was a high probability play as long as it was trending above some key near-term support at $3.96 a share.

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