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7 Stocks Under $10 With Relative Strength

Cadence Pharmaceuticals

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Cadence Pharmaceuticals (CADX) is a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing products principally for use in the hospital setting. This stock is trading up 7.6% at $3.95 in recent trading.

Today's Range: $3.56-$3.99

52-Week Range: $2.56-$9.27

Volume: 160,000

Three-Month Average Volume: 375,129

>>5 Health Care Stocks Setting Up to Break Out

From a technical perspective, CADX is ripping higher here with light volume, and the stock has moved into near-term breakout territory since the stock has taken out resistance at $3.70 to $3.88.

Traders should now look for long-biased trades once CADX moves above its 200-day moving average of $4.08 with high volume. Look for a sustained move or close above that level with volume that's near or above 375,129 shares. If we get that action soon, then CADX should re-test and possibly take out its next significant overhead resistance levels at $4.37 to $4.63. If those levels are then taken out with volume, CADX could spike toward $5 to $6 in the near future.

On the flipside, I would avoid CADX if it fails to maintain a strong volume trend back above its 200-day.

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