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4 Stocks Under $5 Soaring Higher

LDK Solar

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LDK Solar (LDK) is a vertically integrated manufacturer of Photovoltaic (PV) products. This stock is trading up 4.9% to $1.90 in recent trading.

Today's Range: $1.54-$1.91

52-Week Range: $1.76-$7.68

Volume: 2.6 million

Three-Month Average Volume: 1.6 million

>>Solar Stocks That May Not Survive to 2014

From a technical perspective, LDK is moving notably higher here on above average volume. This move is coming off of extremely oversold territory, since its current relative strength index reading is 26.18. If large traders are done selling LDK, then this stock could potentially be preparing for a sharp bounce off these oversold conditions.

Traders should now look for long-biased trades if LDK can manage to close near its daily highs. At last check, LDK has hit an intraday high of $1.95 and volume is well above its three-month average action. If we get that action, then look for LDK to take out its next major overhead resistance level at $2.30 to $2.60 to confirm it wants to trend much higher. Some possible targets are $3.10 to its 50-day moving average of $3.24 if we get that large bounce soon.

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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