8 Stocks Under $10 Skyrocketing Higher

Clearwire

Clearwire (CLWR) is a provider of fourth-generation wireless broadband services. This stock is trading up 8.3% to $1.29 in recent trading.

Today's Range: $1.20-$1.31

52-Week Range: $1.00-$4.77

Volume: 18.2 million

Three-Month Average Volume: 16 million

From a technical perspective, CLWR is bouncing hard here off of oversold conditions. This stock has plunged in the last two months from a high of $2.48 to a low of $1.00. That low pushed CLWR into extremely oversold conditions since its relative strength index was hitting readings well below 30.

Traders should now look for long-biased trades if CLWR can trigger a near-term breakout trade above $1.38 to $1.57 with high-volume. Look for a sustained move or close above those levels on volume that's near or above 15,997,300 shares. If we get that action soon, then CLWR could easily hit its 50-day moving average of $1.80 or possibly much higher.

I would avoid any long trades in CLWR if it failed to trigger that move, and then dropped below some near-term support at $1.20 with high-volume.

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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