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TheStreet Open House

7 Stocks Under $10 Soaring Higher

Nevsun Resources

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Nevsun Resources (NSU) is a gold and base metal mining and exploration company. Nevsun Resources, through its subsidiaries, is engaged in the acquisition, exploration, development and production of mineral properties. This stock is trading up 8% at $3.89 in recent trading.

Today's Range: $3.60-$3.89

52-Week Range: $2.86-$7.30

Volume: 648,000

Three-Month Average Volume: 648,291

>>6 Stocks to Play for Lower Gold Prices

From a technical perspective, NSU is bouncing hard here off some previous support at $3.57 with light volume. This move is quickly pushing NSU within range of a near-term breakout trade. That trade will hit once NSU takes out some near-term overhead resistance at $4.05 with high volume.

Traders should now look for long-biased trades if NSU can sustain a move or close above $4.05 with volume that's near or above 648,291 shares. If we get that action soon, then NSU has a great chance of re-testing and possibly taking out its 200-day moving average of $4.85.

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