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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Stocks Under $10 Ready to Soar Higher

Stocks in this article: FTEK NAK BIOF GTAT SOL

GT Advanced Technologies

An under-$10 name in the semiconductor complex that looks ready to trigger a sharp move higher is GT Advanced Technologies (GTAT), a global provider of polysilicon production technology and multicrystalline ingot growth systems and related photovoltaic manufacturing services for the solar industry, and sapphire growth systems and material for the light emitting diode and other specialty markets. This stock has been pressured by the bears so far in 2012, with shares down by 33%.

If you take a look at the chart for GT Advanced Technologies, you'll notice that the sellers hammered this stock from its March high of $8.61 to its 52-week low of $3.92 a share hit in early June. During that nasty slide lower, shares of GT Advanced Technologies were consistently making lower highs and lower lows, which is bearish technical price action. That said, since tagging that low, shares of GTAT have started to reverse its downtrend and trade higher. That move has now pushed the stock within range of triggering a near-term breakout trade.

>>10 Top-Rated Tech Stocks With Big Dividends

Traders should now look for long-biased trades in GTAT if it can manage to trigger a break out above some near-term overhead resistance at $5.21 to $5.57 a share with high volume. Look for volume off a sustained move or close above those levels that hits near or above its three-month average action of 2,633,410 shares. If that breakout hits soon, then look for GTAT to make a monster run towards its 200-day moving average of $7.01 a share.

If you like the setup here for GTAT, then look to buy this stock off weakness and simply use a stop just below some major near-term support at $4.62 to $4.54 a share. Those support levels have held up for the last month and change. One could also buy off strength once GTAT takes out $5.21 to $5.57 a share, and then simply use a stop just below its 50-day moving average of $4.76 a share.

Keep in mind that the short-sellers are very involved in GTAT, since its current short interest as a percentage of the float is 24.8%. If that breakout triggers soon, then we could easily see a massive short-squeeze develop that sends this stock into the stratosphere.

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