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7 Stocks Under $10 Moving Higher

Exelixis (EXEL - Get Report)

This is a biotechnology company engaged in developing small molecule therapies for the treatment of cancer. The stock is trading up 4.2% to $4.70 in recent trading.

Today's Range: $4.49-$4.72
52-week Range: $3.94-$10.17
Volume: 885,000
Three-Month Average Volume: 1,645,790

Shares of EXEL are ripping higher today after the company reported positive updated interim data from an ongoing phase 2 trial of cabozantinib in men with metastatic castration-resistant prostate cancer of CRPC and bone metastases.

From a technical perspective, EXEL is moving higher here off some previous support levels at $4.37 to $4.38 with below-average volume. This move is quickly pushing EXEL within range of triggering a major breakout trade. That trade will hit once EXEL takes out its 50-day moving average of $4.86, and then its 200-day moving average of $5.32 with high volume.

Traders should now look for long-biased trades off a sustained move or close above $4.86 to $5.32 with volume that's near or above 1,645,790 shares. If we get that action soon, then EXEL could easily hit its next significant overhead resistance level at $5.90.

On the flipside, I would avoid EXEL from the long side, if it fails to sustain a trend above its 50-day and 200-day with strong upside volume flows.

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

At the time of publication, the 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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SYM TRADE IT LAST %CHG
RFMD $16.59 -2.07%
AMRS $2.29 0.00%
EXEL $2.86 0.00%
NG $3.88 0.00%
RBY $1.12 0.00%

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