8 Stocks Under $10 Moving Higher

Rare Elements Resources

Rare Elements Resources (REE) engages in the acquisition, exploration, and development of mineral properties in the U.S. and Canada. It focuses on gold and rare-earth-elements. This stock is trading up 6.9% to $6.44 in recent trading.

Today's Range: $6.00-$6.64

52-Week Range: $3.08-$16.55

Volume: 3.2 million

Three-Month Average Volume: 2.2 million

From a technical perspective, REE is surging higher today and moving back above its 50-day moving average of $6.22 with monster volume.

Traders should now watch for a major breakout to trigger if REE can manage to take out some near-term overhead resistance at $6.62 to $7.01 (its 200-day) with high volume. Look for volume on a move above those levels that's near or well above 2,152,070 shares. If we get that action soon, look for REE to make a run at $8 very quickly. Traders should continue to look for long biased trades as long as REE is trending above its 50-day, and if that major breakout triggers soon.

To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr.

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At the time of publication, author had no positions in stocks mentioned.

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 website 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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