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4 Stocks Under $10 Soaring in a Weak Tape

Stocks in this article: MELAAUMNSNTARIC

Mela Sciences

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Mela Sciences (MELA) is a medical device company focused on the design, development and commercialization of a non-invasive, point-of-care (in the doctor's office) instrument to assist in the early diagnosis of melanoma. This stock is trading up 6.7% to $2.84 in recent trading.

Today's Range: $2.59-$2.89

52-Week Range: $1.75-$6.96

Volume: 195,000

Three-Month Average Volume: 325,666

>>7 Stocks Soaring on Big Volume

From a technical perspective, MELA is bouncing today off of some previous support near $2.50, and off of oversold conditions. The current relative strength index reading for MELA is 36.98, which indicates an oversold stock. This move is now pushing MELA within range of triggering a near-term breakout trade. That trade will hit once MELA takes out some near-term overhead resistance at $3.12 with high volume.

Traders should now look for long-biased trades in MELA once it sustains a move or close above $3.12 with volume that's near or above 325,666 shares. If we get that action soon, then MELA could make a monster bounce back towards its 50-day moving average of $3.93 or even its 200-day moving average of $4.22.

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