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5 Stocks Under $10 Poised for Big Upside

Western Copper and Gold

One final under-$10 stock that's getting very close to breaking out here is Western Copper and Gold (WRN). This company engages in the acquisition and exploration of copper and other mineral properties in Canada. This stock has been ripping higher in 2012 with shares up over 25% so far.

If you take a look at the chart for Western Copper and Gold, you'll notice that this stock has been trading range bound for the past couple of months and change, between $1.37 and $1.98 a share. A high-volume move outside of that range should set this stock up for its next major trend. Over the last few weeks, the up volume has been expanding dramatically as the stock approaches a breakout above some near-term overhead resistance.

Market players should now watch WRN for a breakout trade if this stock can manage to sustain a high-volume move and close above some near-term overhead resistance at $1.98 a share. Look for volume on any move and a

close above $1.98 that registers near or well above its three-month average volume of 64,647 shares. If we get that action soon, then target a big spike higher in WRN back towards $2.50 to $2.61 (200-day) a share, or possibly much higher.

If you're bullish on WRN, look to buy this stock off of weakness and simply use a mental stop below or round $1.80 a share. You could also just wait for the breakout to hit and get long off of strength when $1.98 is taken out with volume. Keep in mind that volume today is already well above the three-month average and the stock is trading very close to $1.98.

To see more hot under-$10 stocks like Comverge (COMV), AVI BioPharma (AVII) and Siga Technologies (SIGA), 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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At the time of publication, the author held no position in any of the stocks mentioned, although positions may change at any time.
Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the Web site Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.
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