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TheStreet Open House

5 Stocks Under $10 Poised for Big Upside

Central European Media

One under-$10 name in the broadcasting and cable complex that's trading very close to a key breakout level is Central European Media (CETV). This is a media company operating broadcasting, Internet and television content businesses in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. This stock is off to a short start in 2012 with shares up over 25% so far on the year.

If you take a look at the chart for Central European Media, you'll see that this stock was whacked by the sellers from its October high of $12.34 to a recent low of $5.89 a share. After tagging that low, the stock has started to turn around and trend higher with a number of up days registering monster volume. Now CETV is getting very close to trading above some near-term overhead resistance that will trigger a breakout trade.

If you're bullish on CETV, then one could be a buyer of this stock on a sustained high-volume move and close above some near-term overhead resistance at $8.70 a share. Look for volume that's near or well above its three-month average action of 447,902 shares. If that breakout triggers soon, then look for CETV to trend back towards $10.50 to $11.00 a share, or possibly much higher.

One could be a buyer of CETV off any notable weakness and simply anticipate the breakout. I would look to use a mental stop at around $8 to $7.50 a share, depending on your risk tolerance. I would then add to any long positions if $8.70 gets taken out with volume. You could also just wait for the breakout to trigger and buy off strength once $8.70 is taken out with high-volume.

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