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8 Stocks Under $10 Skyrocketing Higher

OCZ Technology

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OCZ Technology (OCZ - Get Report) designs, manufactures, and distributes solid-state drives and computer components. This stock is trading up 24% to $5.69 in recent trading.

Today's Range: $4.87-$5.50

52-week Range: $4.14-$10.05

Volume: 5.7 million

Three-Month Average Volume: 2.4 million

Shares of OCZ are soaring higher today after, a hardware industry blog, reported that Seagate (STX) is considering acquiring OCZ to boost its SSD product portfolio. The Web site said a deal could be announced as early as next week.

From a technical perspective, OCZ has recently marked a double bottom chart pattern at around $4.14 to $4.21. This move today has now gapped OCZ back above its 50-day moving average of $5.14 with monster volume.

Traders should now look to play the next major breakout trade for OCZ. That trade will hit once the stock takes its 200-day moving average of $6.76 with high volume. Traders should look for long-biased trades in OCZ as long as it holds its trend above the 50-day at $5.14, and then once it sustains a move or close over $6.76 with volume that's near or above 2.4 million shares. If we get that breakout soon, then OCZ should trend higher back towards its next significant overhead resistance levels at $7.40 to $8.

OCZ was also featured recently in " 5 Stocks Poised to Pop on Bullish Earnings."

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