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5 Stocks Under $10 Poised for Gains

Patrick Industries

One under-$10 name in the supplies and fixtures complex that looks compelling here is Patrick Industries (PATK - Get Report), a manufacturer and distributor of building products and materials to the recreational vehicle and manufactured housing industries. This stock is off to a hot start in 2012, with shares up over 110%.

If you take a look at the chart for Patrick Industries, you'll notice that this stock has been uptrending ridiculously strong for the past six months, with shares advancing from a low of $1.54 to a recent high of $13.20 a share. During that uptrend, the stock has consistently made higher lows and higher highs, which is bullish technical price action. Also, the stock has yet to violate its 50-day moving average during that monster move higher. Shares of Patrick Industries just recently pulled back from $13.20 to its 50-day moving average at $8.14 a share. If the 50-day holds again here, then PATK could be setting up to continue its trend higher.

>>7 Hot Stocks on Traders' Radars

Market players should look for long-biased trades in PATK as long as this stock is trending above its 50-day moving average with strong upside volume flows. On Thursday, this stock hit a high of $9.33 a share, and its recent low is $8 a share. As long as $8.14 to $8 a share holds up, then the next major breakout over $9.33 could signal that PATK wants to make another solid run higher.

Look for volume on a move over $9.33 a share that's near or well above its three-month average action of 97,352 shares. If we get that action soon, look for PATK to make a run at its recent high of $13.20 a share. I would consider any weakness in this stock as a buying opportunity as long as it doesn't violate its 50-day moving average with heavy volume.
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