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5 Stocks Under $10 Soaring Higher

BioDelivery Sciences International

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BioDelivery Sciences International (BDSI - Get Report) is a specialty pharmaceutical company that is utilizing licensed and owned proprietary drug delivery technologies to develop and commercialize new formulations of proven therapeutics. This stock is trading up 7.3% at $5.82 in recent trading.

Today's Range: $5.44-$6

52-Week Range: $0.77-$5.87

Volume: 1 million

Three-Month Average Volume: 267,031

>>5 Stocks Under $11 Setting Up to Break Out

Shares of BDSI are ripping higher today after the company received some positive news from a drug trial of is potential treatment for opioid dependence BNX. Based on that positive study, BDSI expects it will be able to submit a new drug application to the FDA for the second quarter of 2013.

From a technical perspective, BDSI is trending higher here with monster volume. This move has pushed BDSI briefly into breakout territory, since the stock has flirted with some near-term overhead resistance at $5.87. At last check, BDSI has hit an intraday high of $6 and volume is well above its three-month average action of 267,031 shares.

Traders should now look for long-biased trades in BDSI as long as it's trending above some near-term support at $5.23, or at least above its 50-day at $4.88 with strong upside volume flows. I would consider any upside volume day that registers near or above 267,031 a shares as bullish. If BDSI can continue to hold that trend, then I expect to see this stock head well north of $6 in the near future. Keep in mind that any move above $6 will push BDSI into new 52-week-high territory, which is bullish technical price action.
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