8 Stocks Under $10 Ripping Higher

Traders should now look for long-biased trades off the next major breakout for PVA. That breakout will hit once PVA takes out its 200-day moving average of $6.06 and then some past overhead resistance at $6.36. Look for volume on that move that's near or above 1,289,070 shares. If we get that action soon, look for PVA to hit $7 to $8.50 in the near future. Arena Pharmaceuticals

Arena Pharmaceuticals(ARNA) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. This stock is trading up 6.1% to $2.76 in recent trading.

Today's Range: $2.67-$2.87

52-week Range: $1.23-$3.47

Volume: 9.2 million

Three-Month Average Volume: 10.1 million

Shares of ARNA are ripping higher today in front of their FDA advisory panel meeting for its obesity drug Lorcaserin, which is scheduled for May 10. This will mark the second review cycle for Lorcaserin.

From a technical perspective, ARNA is spiking higher here on decent volume. This move is quickly pushing ARNA within range of triggering a near-term breakout trade. That trade will hit once ARNA takes out some near-term overhead resistance at $2.89 with high-volume.