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5 Stocks Under $10 Set to Soar

Synta Pharmaceuticals

Another under-$10 stock in the biotechnology and drugs complex that's setting up to trigger a big breakout trade is Synta Pharmaceuticals (SNTA), which is focused on discovering, developing and commercializing small molecule drugs to severe the medical conditions of the patients with cancer and inflammatory diseases. This stock has been on a tear so far in 2012, with shares up a whopping 75%.

If you take a look at the chart for Synta Pharmaceuticals, you'll see a stock that has been on fire and uptrending strong for the last three months, with shares soaring from $4.40 to its recent high of $8.45 a share. During that monster uptrend, shares of SNTA have consistently made higher lows and higher highs, which his bullish technical price action. Just recently, SNTA saw heavy upside volume flows as the stock bounced right off its 50-day moving average. That action has now pushed SNTA within range of triggering a major breakout trade.

Market players should now look for long-biased trades in SNTA once it triggers a break out above some near-term overhead resistance levels at $8.45 to $8.50 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 873,200 shares. If that breakout triggers soon, then SNTA will enter new 52-week-high territory and likely trend north of $10 a share.

Traders can look to buy SNTA off any weakness and simply use a stop that sits just below some near-term support at $7.90 to $7.50 a share. One could also buy off strength once SNTA clears those breakout levels with volume, and then simple use a stop that sits just below $7.90 a share.

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SYM TRADE IT LAST %CHG
AEZS $0.29 -2.40%
AMPE $2.34 5.60%
CIM $14.32 0.32%
GURE $2.42 -2.40%
SNTA $2.18 -1.80%

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