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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

7 Stocks Under $10 Spiking Higher

Hovnanian Enterprises

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Hovnanian Enterprises (HOV) designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, mid-rise condominiums, urban infill and active adult homes in planned residential developments. This stock is trading up 9% to $1.94 in recent trading.

Today's Range: $1.78-$1.92

52-Week Range: $0.89-$3.31

Volume: 1.97 million

Three-Month Average Volume: 3.7 million

From a technical perspective, HOV is ripping higher here back above its 200-day moving average of $1.87 with light volume. This move is pushing the stock within range of major breakout trade. That trade will hit once HOV takes out some near-term overhead resistance at $2.09 and then its 50-day moving average of $2.25 with volume.

Trades should look for long-biased trades off a sustained move or close above those levels with volume that's near or above 3,743,470 shares. If we get that action soon, then HOV could re-test is March high of $3.03. Keep in mind that HOV will need to maintain a trend above its 50-day with strong upside volume flows in order to hit $3.03.

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

-- Written by Roberto Pedone in Winderemere, Fla.

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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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