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5 Stocks Under $10 Set to Trigger Big Moves

Stocks in this article: SIRIOCZJVAHGSIGNOM

Human Genome Sciences

One name in the biotechnology and drugs sector that looks ready for a big breakout is Human Genome Sciences (HGSI) whose products include Benlysta (belimumab) for systemic lupus erythematosus and raxibacumab for inhalation anthrax. The bears have hammered this stock during the past six months, with shares off by over 65%.

If you take a look at the chart for Human Genome Sciences, you'll notice that this stock plunged massively from its October high of $15.07 to its recent low of $6.51 a share. After printing that low, the stock has started to rebound and make higher lows, which is bullish price action. Now the stock is nearing a big breakout if it can manage to clear some near-term overhead resistance levels.

Traders should watch HGSI for a breakout trade if the stock can manage to sustain a high-volume move and close above $7.65 and $7.85 a share. Look for volume that's near or above its three-month average action of 6,166,384 shares. At last check, volume has registered over 6 million shares and HGSI has hit a daily high of $8.41 a share. I would consider it bullish if HGSI can close today at least above $7.85, or even better closer to its daily high.

One could be a buyer of HGSI off any strength where the stock closes above $7.85 and its 50-day moving average of $8.07 a share. If we get that action, then look for HGSI to take out $8.41 with decent volume. Some potential targets on the upside are $10 to $11 a share or much higher if the volume really starts to kick in.

This stock also has a decent short interest since 10.6% of the tradable float is currently sold short by the bears. Any lose back above the 50-day and above $8.41 should set off a decent short-squeeze, so keep this name on your trading radar.

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