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5 Stocks Under $10 Set to Soar

Energy Conversion Devices

Another stock that's trading very close to a key breakout level is Energy Conversion Devices (ENER), which manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using technology. This stock has put in an unbelievable run so far in 2012 with shares up over 550%.

If you take a look at the chart for Energy Conversion Devices, you'll see that this stock formed a perfect double bottom in December at 20 cents per share. After finding big buying interest at 20 cents, the stock took off and skyrocketed to a recent high of $1.74 a share. The stock pulled back off that high and hit 94 cents, but since then it has started uptrending again and making higher lows and higher highs. Now ENER is trading within range of triggering a big near-term breakout.

If you're bullish on ENER, then one could be a buyer of this stock once it breaks out above $1.37 on high-volume. Look for volume that's near or well above its three-month average action of 2,581,936 shares. At last check, ENER has hit $1.38 at its highs today and the volume is monster with over 4.24 million shares traded. If we get a high-volume move and close above $1.37 either today or soon, then look for ENER to explode back towards $1.74 or potentially much higher. It could possibly hit $2.50 which is a big overhead resistance level from back in 2011.

If you get long ENER off weakness or strength, then I would simply use a mental stop at around $1.20 a share. If this stock is going to breakout and continue its strong uptrend, then I doubt $1.20 would get violated on the downside.

Energy Conversion Devices shows up on a recent list of Solar Stocks That May Not Survive to 2014.

Stock quotes in this article: CSIQ, COMV, CSUN, ENER, HW 

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