5 Stocks Under $10 Setting Up to Soar
Ascent Solar Technologies
One more under-$10 stock that could be setting up here for an explosive move higher is Ascent Solar Technologies (ASTI), a development stage company formed to commercialize flexible photovoltaic modules using a technology. This stock is off to a booming start in 2012, with shares up over 50% coming into today.
If you take a look at the chart for Ascent Solar Technologies, you'll see that this stock has been on a rampage from when it hit a recent low of $0.36 a few weeks ago. After hitting that low, the stock has uptrended strong to its current price of around $0.65 a share. Now shares of ASTI are setting up to trigger an even bigger breakout if the stock can manage to take out some near-term overhead resistance levels.
Traders should now look for ASTI to take out some near-term overhead resistance at $0.60 and then its 50-day moving average of $0.64 with high-volume. At last check, volume today is already huge with over 655,000 shares traded versus its three-month average action of just 125,195 shares. The stock has also touched $0.68 today, so look for ASTI to clear near its daily highs to signal it wants to trend much higher.You could be a buyer of ASTI off any weakness and simply use a mental stop that's a few percentage points below the recent breakout level of $0.60. I would target a run back towards $0.82 to $0.90 a share if ASTI can continue to trend above its 50-day with strong volume. It's even possible its 200-day moving average of $1.01 could be hit in the near future, if the price and volume action remain bullish. To see more hot under-$10 stocks, check out the Stocks Under-$10 Setting Up To Trade Higher portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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