8 Stocks Under $10 Soaring 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.
Solazyme (SZYM) is in the business of transforming a range of low-cost plant-based sugars into high-value oils. This stock is trading up 6.2% to $7.94 in recent trading.
Today's Range: $7.54-$7.94
52-Week Range: $6.45-$16.31
Three-Month Average Volume: 638,621
From a technical perspective, SZYM is ripping higher here back above its 50-day moving average of $7.73 with decent volume. This move has started to push SZYM into breakout territory, since the stock has cleared some near-term overhead resistance at $7.74. Shares of SZYM are now quickly moving within range of triggering another major breakout trade. That trade will hit if SZYM manages to take out some near-term overhead resistance levels at $8.25 and then once it clears more resistance at $8.60 to $8.79 with high volume.
Traders should now look for long-biased trades in SZYM as long as it's trending above its 50-day at $7.73, and then once it sustains a move or close above those breakout levels with volume that hits near or above 638,621 shares. If that breakout triggers soon, then SZYM will set up to re-test or possibly take out its next major overhead resistance levels at $9.90 to its 200-day moving average at $10.41.
Sunesis Pharmaceuticals (SNSS) is a biopharmaceutical company engaged in the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. This stock is trading up 8.3% to $5.56 in recent trading.
Today's Range: $5.09-$5.73
52-Week Range: $1.38-$6.85
Volume: 1.61 million