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TheStreet Open House

5 Stocks Under $10 With Big Upside Potential

Hanwha Solarone

Another under-$10 stock that's just starting to break out is solar panel maker Hanwha Solarone (HSOL), a manufacturer of silicon ingots, photovoltaic cells and PV modules. This is another stock that's been destroyed by the sellers in 2011, with shares off by over 80%.

If you take a look at the chart for Hanwha Solarone, you'll notice that this stock has been downtrending big for the last six months, with shares consistently making lower highs and lower lows. During that timeframe, the stock has failed to trade above either of its key 50-day or 200-day moving averages. That said, the stock has started to find some buying support near $1.12 a share, and now it's even starting to break out above some near-term overhead resistance at $1.38 on decent volume. Volume on Wednesday registered 1.307 million (the stock closed up), which is well above its three-month average action of 901,400 shares.

>>Stocks Rising on Unusual Volume

Trades should now watch for this stock to close above $1.38 today on decent volume or to close near its daily highs on high volume. If we get that action, then look for this stock to set up for a run back toward its 50-day moving average of $1.98 or possibly even higher toward $2.50.

You could now be a buyer of this stock off any noticeable weakness with a stop just below the breakout level of $1.38. If this breakout is the real deal, then this stock has big upside potential since it's so beaten-down from its July high near $6.50 a share.

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