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5 Stocks Under $10 Setting Up to Trade Higher

Bacterin International

another under-$10 stock that has big upside potential is Bacterin International (BONE), which develops, manufactures and markets biologics products to domestic and international markets through Bacterin's biologics division. This stock is off to a slow start in 2012, with shares up around 7%.

Northland Securities started coverage on Bacterin International today with an outperform rating and a $4.80 price target. Noble Financial also started coverage on the stock today with a buy rating and a $6.50 price target.

If you take a look at the chart for Bacterin International, you'll notice that this stock has been uptrending strong since buyers stepped in last December at around $1.96 a share. During that uptrend, the stock has been making mostly higher lows and higher highs, which is bullish price action. Now shares of Bacterin International are trading within range of triggering a big breakout. Volume today is also off the charts, since at last check over 1.12 million shares have traded versus its three-month average action of 164,636 shares.

Traders should now look for long-biased trades in BONE if this stock can manage to take out some near-term overhead resistance at $3.03 a share with heavy volume. Look for volume on that move that registers near or well above its three-month average volume of 164,636 shares.

If we get that action today or soon, then look for a big spike in BONE back towards its next significant overhead resistance levels at $3.40 to $3.93 a share, or possibly much higher. At last check, BONE has hit a daily high of $3.01 and the volume is huge, so that breakout could trigger today. Keep in mind that a close over $3.03 would be even more bullish than just an intraday move.

If you get long BONE off a sustained high-volume move and close over $3.03 a share, then I would look to use a stop that's a few percentage points below $3 a share, in case this breakout fails to hold and send the stock off to the races.

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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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