Zion Oil & Gas
One under-$10 stock that's nearing a breakout trade is Zion Oil & Gas (ZN), an initial stage oil and gas exploration company with oil and gas exploration in Israel. This stock is off to a hot start in 2012, with shares up over 45%.
If you take a look at the chart for Zion Oil & Gas, you'll notice that this stock just bounced right around its 50-day moving average of $2.43 on monster volume. Volume yesterday was 425,000 shares, and today it's already registered over 524,000 shares, which is well above its three-month average action 101.279 shares. This huge volume spike now puts shares of Zion Oil & Gas within range of triggering a major breakout soon.