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TheStreet Open House

5 Stocks Under $10 Set to Explode Higher

ParkerVision

One under-$10 name that's trading very close to triggering a major breakout trade is ParkerVision (PRKR), which is engaged in the business of designing, developing and selling its radio frequency technologies and products for use in semiconductor circuits for wireless communication products. This stock is off to monster start in 2012, with shares up over 85%.

If you take a look at the chart for ParkerVision, you'll notice that this stock has been uptrending strong for the past six months, with shares skyrocketing from a low of 74 cents to a recent high of $1.68 a share. During that uptrend, shares of ParkerVision have consistently made higher lows and higher highs, which is bullish technical price action. Now this stock is starting to flirt with a major breakout trade since its starting to challenge some near-term overhead resistance.

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Traders should now look for long-biased trades in PRKR if it can manage to trigger a breakout above some near-term overhead resistance at $1.62 to $1.68 a share with high volume. Look for a sustained move or close above those levels with volume that's near or well above its three-month average action of 314,898 shares. If we get that action soon, then PRKR has a great chance to continue its strong uptrend towards its next significant overhead resistance levels at $2 to $2.50 a share.

Volume on Wednesday registered 795,000 shares as PRKR closed up 11% to $1.60. That move briefly pushed the stock above $1.62 in intraday trading after PRKR hit a high of $1.68 a share. Traders should now look for PRKR to sustain a high-volume trend above $1.62 to $1.68 to confirm it wants to move much higher.

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