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TheStreet Open House

5 Stocks Under $10 Setting Up to Soar

Amicus Therapeutics

One name under-$10 stock in the biotechnology and drugs complex that's starting to look very bullish is Amicus Therapeutics (FOLD), which is focused on the discovery, development and commercialization of orally administered, small molecule drugs known as pharmacological chaperones for the treatment of rare diseases. This stock has been blazing a trail in 2012, with shares up over 38% so far.

If you take a look at the chart for Amicus Therapeutics, you'll notice that this stock has been soaring since it hit a bottom at $2.10 in late November of last year. This stock has soared so much that its current price is quickly approaching $5 a share. This big run up in the stock is now pushing shares of FOLD up against some key breakout levels, that if hit, could lead to much higher prices.

>>5 Stocks Poised to Break Out

Market players should now watch FOLD for a sustained high-volume move and close above $4.71 and $5.10 (200-day) a share to trigger a breakout trade. Look for volume that registers near or above its three-month average action of 58,210 shares. At last check, volume for FOLD has already hit 89,000 shares today with the stock trading at around $4.96 a share. This now puts FOLD within range of taking out $5.10, which would be very bullish price action.

You could be a buyer of FOLD off any weakness and simply use a mental stop that's just below $4.71 or that's near today's low of $4.34. You could also buy off strength if it takes out $5.10 soon, and simply use a mental stop right below that level. I would target a run back towards $6 to $7 a share, or possibly higher if we get a high-volume breakout over $5.10 for FOLD in the near future.

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