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7 Stocks Under $10 Soaring Higher

McEwen Mining

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McEwen Mining (MUX - Get Report) is engaged in the exploration for and production of precious metals in the United States, Mexico and Argentina. This stock is trading up 6.8% to $2.63 in recent trading.

Today's Range: $2.47-$2.65

52-Week Range: $1.96-$7.18

Volume: 1.45 million

Three-Month Average Volume: 2.7 million

From a technical perspective, MUX is ripping higher here on light volume. This move is coming off of some previous support at around $2.42.

Traders should now look for long-biased trades in MUX if it can manage to trigger a near-term breakout with high-volume. That breakout will hit once MUX takes out some near-term overhead resistance at $2.82, and then its 50-day moving average of $3.14. Look for a sustained move or close above those levels with volume that's near or above 2,731,070 shares. If we get that action soon, then MUX could trade up towards its next significant overhead resistance level at $4.05, or possibly its 20-day moving average at $4.24.

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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