ATP Oil & Gas
One under-$10 name that could be poised for some decent upside from here is oil and natural gas player ATP Oil & Gas (ATPG). This stock is off to a weak start in 2012 with shares off by around 7%.
If you take a look at the chart for ATP Oil & Gas, you'll notice that this stock has been downtrending hard from its recent high of $9.50 to a low of $6.41 a share. That downtrend just pushed this stock back below its 50-day moving average of $7.57 a share. That said, the stock is now trading near some previous support levels at around $6 to $6.23 a share. In fact, yesterday the stock hit $6.41 and bounced a bit, which is bullish since it held above $6. Buyers have consistently support this stock since the start of the year whenever it's pulled back below $7 a share. If that pattern holds up here, then ATPG could be a solid buying opportunity.
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