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8 Stocks Under $10 Skyrocketing Higher

Sify Technologies

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Sify Technologies (SIFY) is an integrated Internet, network and electronic commerce services companies in India. This stock is trading up 8.4% at $2.32 in recent trading.

Today's Range: $2.16-$2.36

52-Week Range: $1.90-$6.48

Volume: 124,000

Three-Month Average Volume: 197,212

From a technical perspective, SIFY is ripping to the upside here with light volume. This move is coming after shares of SIF plunged from its March high of $4.09 to a recent low of $1.90. After tapping that low, SIFY found buying interest at around $2 to $1.90 for over a month. That could be signaling that SIFY has put in a near-term bottom.

Traders should now look for long-biased trades once SIFY clears its 50-day moving average of $2.45, and then moves above some past overhead resistance at $2.59 with high-volume. Look for a sustained move or close above those levels with volume that's near or above 197,212 shares.

If we get that action soon, then SIFY has a solid chance of hitting $3.32, or possibly even its 200-day moving average of $3.68. Keep in mind that SIFY needs to be trending above its 50-day to give it a chance at hitting those levels.

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