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8 Stocks Under $10 Skyrocketing Higher

Patriot Coal

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Patriot Coal (PCX) is a producer of thermal coal in the eastern United States, with operations and coal reserves in the Appalachia and the Illinois Basin coal regions. This stock is trading up 14.9% to $1.23 in recent trading.

Today's Range: $1.06-$1.26

52-Week Range: $1.02-$24.99

Volume: 6.3 million

Three-Month Average Volume: 9.5 million

From a technical perspective, shares of PCX are bouncing hard here right off its 52-week low of $1.02 with decent volume. This bounce today is coming after shares of PCX have plunged from its April high of $6.97 to that 52-week low of $1.02. That massive selloff has created an extremely oversold condition, since PCX has traded with a relative strength index reading of below 30 for over a month.

Oversold can always get more oversold, but traders should now look for long-biased trades as long as PCX holds that low of $1.02. The next breakout trade for PCX will trigger once it takes out some near-term overhead resistance at $1.40 with high volume. Look for a sustained move or close above $1.40 with volume that's near or above 9,478,000 shares.

If we get that action soon, then PCX has a great chance of re-testing and possibly taking out its next major resistance level at $1.61. If that $1.61 level then gets taken out with volume, look for PCX to hit $2 to $2.50.

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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