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4 Stocks Under $5 Making Big Moves

Sprint Nextel

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Sprint Nextel (S), together with its subsidiaries, offers a range of wireless and wireline communications products and services to individual consumers, businesses, government subscribers, and resellers in the U.S., Puerto Rico and the U.S. Virgin Islands. This stock is trading up 5.7% to $3.66 in recent trading.

Today's Range: $3.48-$3.68

52-Week Range: $2.10-$5.29

Volume: 38 million

Three-Month Average Volume: 52 million

>>5 Telecom Stocks Breaking Out Ahead of Earnings

From a technical perspective, S is ripping higher here and breaking out above some near-term overhead resistance at $3.48 with decent volume. This breakout is pushing S into new highs for 2012 and is moving the stock within range of an even bigger breakout trade. That trade will hit once S takes out some past overhead resistance at $3.90 with high volume.

Traders should now look for long-biased trades as long as S maintains a trend over $3.48, and once it takes out $3.90 with high volume. Look for a sustained move or close above $3.90 with volume that's tracking in near or above 52 million shares. If we get that action soon, then S has a great chance of trading up towards the lower end of its gap-down from 2011 near $4.50.

Sprint, as of the most recently reported quarter, was one of David Einhorn's Greenlight Capital holdings.

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