One under-$10 stock that's trading within range of triggering a major breakout trade is
(ISR - Get Report)
, which develops, manufactures and sells isotope-based medical products and devices for the treatment of cancer and other malignant diseases. This stock has been blazing a trail to the upside so far in 2012, with shares up over 80%.
If you take a look at the chart for IsoRay, you'll see that this stock has been uptrending very strong since mid-April, with shares skyrocketing from 38 cents to a recent high of $1.60 a share. During that uptrend, shares of IsoRay were making higher lows and higher highs, which is bullish technical price action. After hitting that high at $1.60, the stock pulled back to 84 cents and has now resumed its uptrend again with shares trading at around $1.25 a share. Shares of IsoRay are now moving within range of triggering a major near-term
>>5 Health Care Stocks Setting Up to Break Out
Market players should now look for long-biased trades in ISR if it can manage to trigger a breakout trade above some near-term overhead
at $1.26 to $1.41 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 498,384 shares. If we get that action soon, then ISR has a great chance of re-testing and taking out its next significant overhead resistance level at $1.60 to $1.89 a share. It's very possible that this stock is setting up for a major move above $2 a share if that breakout triggers soon.
If you like the setup here for ISR, then I would look to buy this stock off any weakness and simply use a stop right below its 50-day moving average of 91 cents per share. I would add to any long positions once ISR takes out $1.26 and then $1.41 with high-volume. Also look to add above $1.60 to $1.83 if the stock makes that monster move soon.