An under-$10 name in the fabricated products complex that's trading very close to triggering am major breakout is Shengkai Innovations (VALV), which engages in designing, manufacturing, and distributing ceramic valves and components for industrial use in the People's Republic of China. This stock hasn't done much so far in 2012, with shares up just 7.1%.
If you take a look at the chart for Shengkai Innovations, you'll see that this stock has been downtrending since it tagged a recent high of $2.89 back in February. During that move lower, shares of Shengkai Innovations have been consistently making lower highs and lower lows, which is bearish technical price action. That said, this stock has now started to find some big-time buying interest over the past few weeks at around $1.04 to $1.13 a share. The bulls have also just pushed VALV within range of trigging a major breakout trade.
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