DELAFIELD, Wis. (Stockpickr) -- At Stockpickr, we track daily portfolios of stocks that are the biggest percentage gainers and the biggest percentage losers.
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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.
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With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.
ReneSola
ReneSola (SOL) operates as a brand and technology provider of solar photovoltaic (PV) products. This stock closed up 7.6% to $4.20 a share in Tuesday's trading session.
Tuesday's Range: $3.93-$4.27
52-Week Range: $1.25-$6.00
Tuesday's Volume: 5.13 million
Three-Month Average Volume: 3.13 million
From a technical perspective, SOL ripped higher here right off its 200-day moving average of $3.88 with above-average volume. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $3.04 to its recent high of $4.37. During that uptrend, shares of SOL have been consistently making higher lows and higher highs, which is bullish technical price action. This spike higher on Tuesday is now starting to push shares of SOL within range of triggering a big breakout trade. That trade will hit if SOL manages to take out some key overhead resistance levels at $4.37 to $4.46 and then once it takes out $4.36 to $4.75 with high volume.
Traders should now look for long-biased trades in SOL as long as it's trending above its 200-day at $3.88 or above its 50-day at $3.69 and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.13 million shares. If that breakout triggers soon, then SOL will set up to re-test or possibly take out its next major overhead resistance levels at $5.20 to $5.50, or even its 52-week high at $6.
Idenix Pharmaceutical
Idenix Pharmaceutical (IDIX), a biopharmaceutical company, is engaged in the discovery and development of drugs for the treatment of human viral diseases in the U.S. and France. This stock closed up 8.4% to $7.82 in Tuesday's trading session.
Tuesday's Range: $7.21-$8.10
52-Week Range: $2.93-$9.32
Tuesday's Volume: 2.42 million
Three-Month Average Volume: 1.46 million
From a technical perspective, IDIX spiked sharply higher here right off its 50-day moving average of $7.07 with above-average volume. This spike pushed shares of IDIX into breakout territory, since the stock took out some near-term overhead resistance levels at $7.39 to $7.76. Shares of IDIX are now quickly moving within range of triggering another big breakout trade. That trade will hit if IDIX manages to take out Tuesday's high of $8.11 to some more near-term overhead resistance at $8.51 with high volume.
Traders should now look for long-biased trades in IDIX as long as it's trending above its 50-day moving average of $7.07 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.46 million shares. If that breakout materializes soon, then IDIX will set up to re-test or possibly take out its next major overhead resistance levels at its 52-week high of $9.32.
Synthetic Biologics
Synthetic Biologics (SYN), a biotechnology company, focuses on the development of biologics for the prevention and treatment of serious infectious diseases. This stock closed up 3.2% to $3.15 in Tuesday's trading session.
Tuesday's Range: $3.00-$3.16
52-Week Range: $0.95-$3.20
Tuesday's Volume: 1.48 million
Three-Month Average Volume: 1.13 million
From a technical perspective, SYN trended notably higher here right off some near-term support at $3 with above-average volume. This stock has been uptrending strong for the last month and change, with shares moving higher from its low of $1.64 to its recent high of $3.20. During that uptrend, shares of SYN have been consistently making higher lows and higher highs, which is bullish technical price action. This spike higher on Tuesday is quickly pushing shares of SYN within range of triggering a near-term breakout trade. That trade will hit if SYN manages to take out Tuesday's high of $3.16 to its 52-week high of $3.20 with high volume.
Traders should now look for long-biased trades in SYN as long as it's trending above $3 or above more near-term support at $2.80 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.13 million shares. If that breakout gets underway soon, then SYN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $4 to $4.50.
Acasti Pharma
Acasti Pharma (ACST), a biopharmaceutical company, focuses on the research, development, and commercialization of new therapies for abnormalities in blood lipids, and the treatment and prevention of cardiovascular disorders. This stock closed up 1.6% to $1.25 in Tuesday's trading session.
Tuesday's Range: $1.22-$1.28
52-Week Range: $1.09-$4.20
Tuesday's Volume: 831,000
Three-Month Average Volume: 531,337
From a technical perspective, ACST spiked modestly higher here right above some near-term support at $1.21 with above-average volume. This stock has been trending sideways and consolidating for the last two months and change, with shares moving between $1.18 on the downside and $1.39 on the upside. This spike higher on Tuesday is now starting to push shares of ACST within range of triggering a near-term breakout trade. That trade will hit if ACST manages to take out its 50-day moving average of $1.28 to more near-term resistance at $1.30 with high volume.
Traders should now look for long-biased trades in ACST as long as it's trending above some key near-term support levels at $1.21 to $1.18 and then once it sustains a move or close above those breakout levels with volume that hits near or above 531,337 shares. If that breakout hits soon, then ACST will set up to re-test or possibly take out its next major overhead resistance level at $1.39. Any high-volume move above that level will then give ACST a chance to re-test or possibly take out its next major overhead resistance levels at $1.54 to $1.56.
To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
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At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including
CNBC.com and Forbes.com.You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.
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