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7 Stocks Under $10 Making Big Moves

Kona Grill

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Kona Grill (KONA - Get Report) owns and operates 24 upscale casual dining restaurants in 15 states, in the United States. This stock is trading up 6.3% at $7.16 in recent trading.

Today's Range: $7.07-$7.69

52-Week Range: $3.97-$7.90

Volume: 326,000

Three-Month Average Volume: 78,842

Shares of KONA are soaring higher today after the company reported it swing to a first quarter net income of 13 cents per share versus a net loss of 1 cent per share in the same period a year ago. Revenue was $24.2 million, up from $22.2 million in the same quarter last year.

>>Stocks Hitting 52-Week Highs

From a technical perspective, KONA is gapping sharply higher here as the stock flirts with breaking out above some near-term overhead resistance at $7.30 to $7.90 with heavy volume. At last check, KONA has hit an intraday high of $7.69 on volume that's well above its three-month average action of 78,842 shares.

Traders should now look for long-biased trades if KONA can manage to sustain a high-volume move or close above $7.30 to $7.90. If we get that action soon, then look for KONA to hit $10 in the near future. I would avoid any long trades in KNOA if it fails to trigger that breakout, and then moves back below today's low of $7.07 with strong volume.

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