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TheStreet Open House

7 Stocks Under $10 Moving Higher

Velti

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Velti (VELT) is a global provider of mobile marketing and advertising solutions that enable brands, advertising agencies, mobile operators and media companies to implement campaigns by communicating with and engaging consumers through their mobile devices. This stock is trading up 12.8% at $7.10 in recent trading.

Today's Range: $6.29-$7.41

52-Week Range: $6.04-$20.00

Volume: 1.2 million

Three-Month Average Volume: 495,059

From a technical standpoint, VELT is getting very close to triggering a big breakout trade today with the stock bumping up against its 50-day moving average of $7.28 on monster volume. At one point, the stock traded as high s $7.41, which also pushed it above some near-term overhead resistance levels at $7.06 to $7.13.

Traders should now watch for a sustained move and close above the 50-day and near the daily highs to trigger future upside. If we get that action today or in the near future, I would then add to any long positions once VELT takes out $7.73 with volume. A potential target on the upside if all of those levels are cleared is $9 to $9.50.

Velti shows up on a recent list of 13 Tech Stocks to Buy in 2012, along with Apple (AAPL) and Rovi (ROVI).

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