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3 Stocks Under $5 Making Big Moves

Kingold Jewelry

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Kingold Jewelry (KGJI - Get Report) engages in the design, manufacture, and sale of gold jewelry and Chinese ornaments in the People's Republic of China. It provides a range of gold products, including gold necklaces, rings, earrings, bracelets, pendants, and gold bars. This stock is trading up 5.6% at $2.63 in recent trading.

Today's Range: $2.43-$2.80

52-Week Range: $0.88-$2.93

Volume: 421,000

Three-Month Average Volume: 393,789

>>6 Stocks to Play for Lower Gold Prices

From a technical perspective, KGJI is moving sharply higher here on above-average volume. This move is coming off some near-term support at $2.40.

Traders should now look for long-biased trades if KGJI can manage to trigger a major breakout trade. That trade will hit once KGJI takes out some near-term overhead resistance at $2.77 to $2.93 with high volume. Look for a sustained move or close above those levels with volume that's near or above 393,789 shares. If we get that action, this stock could easily explode to the upside since momentum traders will get interested with KGJI trading at a new 52-week high. Traders should use the $2.40 to $2.20 areas as near-term support zones.

I also featured Kingold on a recent list of breakout stocks.

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