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5 Stocks Under $10 Set to Soar

LiveDeal

One under-$10 name that looks poised for higher prices is LiveDeal (LIVE - Get Report), which delivers local customer acquisition services for small and medium-sized businesses. It provides online marketing Internet directory services. This stock is off to an extremely hot start in 2012, with shares up over 70%.

If you take a look at the chart for LiveDeal, you'll see that since April this stock has been uptrending strong, with shares soaring from a low of $3.87 to a recent high of $7.67 a share. During that uptrend, shares of LiveDeal have been mostly making higher lows and higher highs, which is bullish technical price action. That move has also just pushed this stock into breakout territory since shares took out some near-term overhead resistance on Wednesday at $6.90 to $6.95 a share with heavy volume. That move yesterday pushed the stock to a high of $7.67 and volume hit 217,600 shares, which is well above its three-month average volume.

>>5 Stocks Insiders Are Jumping Into

Market players should now look for long-biased trades in LIVE if it can hold that breakout above $6.90 to $6.95, and once it takes out Wednesday's high of $7.67 a share with high-volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 54,458 shares.

If we get that action soon, then LIVE should easily re-test and possibly take out its next significant overhead resistance level at $8.74 a share. In fact, this stock could easily hit $10 to $12 a share if we get a high-volume breakout above $7.67 and then $8.74 a share.

If you like the look of LIVE here, then you could buy this stock anytime its trending above $6.90 to $6.95, and simply use a stop that's a few percentage points below those levels. You could also just buy it once it takes out $7.67 with high volume, and then simply use a stop at around $6.90 a share.

Another possible support zone to key off of is Wednesday's low of $6.10 if you want to give it some more room for your stop.
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SYM TRADE IT LAST %CHG
ALSK $2.37 -1.25%
AVL $0.20 4.86%
MGT $0.40 3.21%
LIVE $2.58 1.98%
PLX $1.91 -2.05%

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