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5 Stocks Under $10 Ready to Soar Higher

Fuel Tech

One under-$10 stock in the pollution and treatment controls complex that's nearing a breakout trade is Fuel Tech (FTEK - Get Report), an integrated company, which uses a range of advanced technologies to provide boiler optimization, improvement and air pollution reduction and control solutions to utility and industrial customers globally. This stock is off to a slow start in 2012, with shares down by around 19%.

If you take a look at the chart for Fuel Tech, you'll notice that this stock bottomed in late May at around $3.47 a share, and then subsequently went on to start a strong uptrend towards its current price of $5.33 a share. During that uptrend, shares of Fuel Tech have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed the stock within range of triggering a major breakout trade.

>>5 Hated Stocks Set to Soar on Bullish Earnings

Traders should now look for long-biased trades in FTEK if it can manage to break out above some near-term overhead resistance levels at $5.38 to $5.57 a share, and then above some past resistance at $5.94 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 216,966 shares. Keep in mind that a move above $5.39 will also be bullish technical price action, since it will mean the FTEK has taken out its 200-day moving average. If we get that breakout soon, then FTEK could easily be on its way towards $7 to $8 a share.

If you're in the bull camp on FTEK, then I would look to buy this stock off any weakness, and simply use a stop just below some major near-term support at $5 a share, or just below its 50-day moving average of $4.68 a share. One could also just get long off strength once FTEK clears those breakout levels with high volume, and then add to any long position once it takes out $5.94 with volume.
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SYM TRADE IT LAST %CHG
BIOF $8.19 2.63%
FTEK $2.19 0.00%
GTAT $0.50 -2.08%
NAK $0.36 6.47%
SOL $1.36 -1.10%

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