A stock under-$10 name in the chemical manufacturing complex that's worth eyeing here is Pacific Ethanol (PEIX - Get Report), a marketer and producer of low-carbon renewable fuels in the Western U.S. This stock has traded virtually flat in 2011, with shares up by just 1.15%.
If you take a look at the chart for Pacific Ethanol, you'll notice that this stock plunged from its June high of close to $2.50 a share to a recent low of 25 cents a share. After hitting that low, the stock started to trade sideways and broke out over 36 cents and then run up to its current price of 73 cents. Now the stock is setting up for a major breakout if it can manage to clear some past overhead resistance with high volume.
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