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TheStreet Open House

7 Stocks Under $10 Streaking Higher

Stock quotes in this article: ZLCS, ZGNX, HDSN, ANTH, NOAH, PIP, PTIE

Pain Therapeutics (PTIE)

This is a biopharmaceutical company that develops drugs. Pain Therapeutics has four drug candidates in clinical programs, including REMOXY, abuse-resistant hydromorphone, abuse-resistant hydrocodone and a radio-labeled monoclonal antibody to treat metastatic melanoma. This stock is trading up 4.4% to $4.05 in recent trading.

Today's Range: $3.83-$4.06
52-week Range: $3.28-$9.86
Volume: 133,000
Three-Month Average Volume: 173,002

From a technical perspective, PTIE is spiking higher here with decent volume. This move is coming after the stock took out its 50-day moving average on Wednesday at $3.80. Traders should now look for long-biased trades once PTIE triggers its next major breakout. That breakout will trigger once PTIE takes out its 200-day moving average of $4.07, and then some near-term overhead resistance at $4.20 with high volume.
Look for PTIE to sustain a move or close over those levels with volume that's near or above 173,002 shares. If we get that action soon, then PTIE could easily re-test its 2012 high of $4.53, or its next significant overhead resistance level at $4.84. Keep in mind, that PTIE will need to sustain a trend above its 200-day at $4.07 with strong volume, to give it a chance at making that larger move.

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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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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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