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5 Stocks Under $10 Soaring Higher

Mips Technologies

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Mips Technologies (MIPS) is a provider of industry-standard processor architectures and cores for digital home, networking and mobile applications. This stock is trading up 6.4% at $6.61 in recent trading.

Today's Range: $6.37-$6.69

52-Week Range: $3.87-$8.27

Volume: 930,000

Three-Month Average Volume: 976,166

Shares of MIPS are soaring today after the company said China-based Nationz Technologies has licensed its microprocessors for use in mobile payment products.

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From a technical perspective, MIPS is moving sharply higher here on decent volume as the stock bounces right off its 50-day moving average of $6.34. This move is quickly pushing the stock within range of a near-term breakout trade. That trade will hit once MIPS moves above some near-term overhead resistance at $6.89 to $7.10 with high volume.

Traders should now look for long-biased trades as long as MIPS is trending above its 50-day and once it sustains a move or close above $6.89 to $7.10 with volume that's near or above 976,166 shares. If that breakout triggers soon, then MIPS has an excellent chance of re-testing and possibly taking out its next major resistance level of $7.38.

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