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7 Stocks Under $10 Moving Higher

Pacific Ethanol

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Pacific Ethanol (PEIX - Get Report) is a marketer and producer of low-carbon renewable fuels in the Western U.S. It produces and sells ethanol and its co-products and provides transportation, storage and delivery of ethanol through third-party service providers. This stock is trading up 27% to $1.70 in recent trading.

Today's Range: $1.30-$1.85

52-week Range: $0.25-$7.98

Volume: 24,000,000

Three-Month Average Volume: 5,578,690

This is a stock I highlighted last week in " 5 Stocks Under $10 With Big Upside Potential" when it was trading near $75 cents a share. Since that piece, this stock has soared to a weekly high of $1.85.

Today the company announced it has retired in full its $35 million senior convertible notes with its final payment in shares of its common stock.

From a technical standpoint, this stock is extremely overbought now since its relative strength index is showing a reading of 91. Any reading over 70 is considered overbought, so we are reaching some extreme overbought levels with PEIX here. The stock is also approaching some past overhead resistance at $1.88 and at $2.10 (its 200-day moving average).

If you're bullish on this name, I would wait for some consolidation and a big pullback before thinking about buying.
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SYNM $3.35 -1.18%
ROYL $0.36 0.00%
CAMP $14.97 0.00%
NLST $1.23 0.00%
PCRX $54.11 0.00%


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