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4 Stocks Under $5 Making Big Up Moves

Mela Sciences

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Mela Sciences (MELA - Get Report) is a medical device company focused on the commercialization of its product, MelaFind, and the further design and development of MelaFind and its technology. This stock is trading up 4% at $3.50 in recent trading.

Today's Range: $3.45-$3.65

52-Week Range: $1.75-$6.96

Volume: 242,000

Three-Month Average Volume: 311,564

>>5 Health Care Stocks Setting Up to Break Out

From a technical perspective, MELA is gapping up here after the stock gapped up Monday back above its 50-day moving average of $3.12. This gap today has also started to push the stock within range of breaking out above some near-term overhead resistance at $3.55. At last check, MELA has hit an intraday high of $3.65 and volume is just a bit below its three-month average action of 311,564 shares.

Traders should now look for long-biased trades as long as MELA is trending above that $3.55 level, or above its daily high of $3.65 with strong upside volume flows. I would consider any upside volume day that registers near or above 311,564 shares as bullish. If we see MELA maintain that trend, then this stock should easily hit $3.98 to $4.69 in the near future.

Keep in mind that it will only have a shot at $4.69 if it takes out its 200-day moving average of $4.26 with volume.

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