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4 Biotech Stocks Under $10 Moving Higher

Orexigen Therapeutics

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Orexigen Therapeutics (OREX - Get Report) is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity. This stock is trading up 3.9% at $6.49 in recent trading.

Today's Range: $6.06-$6.54

52-week Range: $1.22-$6.58

Volume: 3.1 million

Three-Month Average Volume: 2.5 million

>>5 Health Care Stocks Setting Up to Break Out

From a technical perspective, OREX is trending strong here with shares moving within range of tagging a brand new 52-week high on above average volume. This move is also pushing OREX close to triggering a major breakout trade. That trade will hit once OREX takes out some near-term overheated resistance at $6.55 to $6.58 with high-volume.

Traders should now look for long-biased trades once OREX sustains a move or close above $6.55 to $6.58 with volume that's near or above 2.5 million shares. If we get that action soon, then this stock could be setting up to fill more of its gap-down from early 2011 that started near $10. This stock has made a huge run in the last few weeks, so keep this trade tight if you play the breakout, and only stay with it holds the breakout.

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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