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5 Stocks Under $10 Setting Up to Trade Higher

Almaden Minerals

An under-$10 name in the gold and silver complex that looks poised for big upside from here is Almaden Minerals (AAU - Get Report), which is engaged in the business of the acquisition, exploration and when warranted, development of mineral properties. This stock is off to a decent start in 2012, with shares up over 15% so far.

If you take a look at the chart for Almaden Minerals, you'll see that this stock had been trading within a sideways trading pattern for the last few weeks, between $2.36 on the downside and $2.69 on the upside. Shares of Almaden just broke out above that $2.69 level on decent volume. Now the stock is quickly approaching another major breakout if it can manage to take out some near-term overhead resistance levels.

Market players should look for long biased trades in AAU if this stock can manage to break out above some overhead resistance levels at $2.90 to $3.17 a share with high-volume. Look for volume on that move that's near or well above its three-month average action of 155,766 shares. If that breakout triggers soon, then look for AAU to trade back towards its next significant overhead resistance levels at $3.67 to $4.27 a share in the near future.

If you buy AAU off of strength on a move over $2.90, then I would simply use a stop that's a few percentage points below that $2.90 breakout level, and maybe even down towards the last breakout level at $2.69 a share.

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BONE $2.80 2.94%
ZN $1.77 0.00%
AAU $1.14 0.00%
DNN $0.60 0.00%
KNDI $7.19 0.00%


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