4 Stocks Under $10 Soaring in a Weak Tape
From a technical perspective, MELA is bouncing today off of some previous support near $2.50, and off of oversold conditions. The current relative strength index reading for MELA is 36.98, which indicates an oversold stock. This move is now pushing MELA within range of triggering a near-term breakout trade. That trade will hit once MELA takes out some near-term overhead resistance at $3.12 with high volume.
Traders should now look for long-biased trades in MELA once it sustains a move or close above $3.12 with volume that's near or above 325,666 shares. If we get that action soon, then MELA could make a monster bounce back towards its 50-day moving average of $3.93 or even its 200-day moving average of $4.22. Golden Minerals
Golden Minerals(AUMN) is a mineral exploration company with a diversified portfolio of precious metals and other mineral exploration properties located in or near the traditional precious metals producing regions of Mexico and South America. This stock is trading up 10.3% at $3.84 in recent trading.
Today's Range: $3.41-$3.89
52-Week Range: $3.24-$20.99
Three-Month Average Volume: 266,002