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5 Stocks Under $10 Set to Soar

Aeterna Zentaris

One under-$10 name in the biotechnology and drugs complex that's trading very close to triggering a major breakout trade is Aeterna Zentaris (AEZS), whose pipeline encompasses compounds at all stages of development, from drug discovery through to marketed products. This stock has been under pressure so far in 2012, with shares down by over 50%.

If you take a look at the chart for AEZS, you'll notice that this stock has been uptrending strong for the past two months, with shares trending higher from 38 cents to today's high of 76 cents. During that uptrend, shares of AEZS have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed AEZS within range of triggering a major breakout. If that breakout hits soon, then AEZS will have a great chance of re-filling a previous gap that started above $2 earlier this year.

Traders should now look for long-biased trades in AEZS once it manages to break out above some past overhead resistance at 84 cents per share with high volume. Look for a sustained move or close above 84 cents with volume that registers near or above its three-month average action of 1.2 million shares. If that breakout triggers soon, then AEZS will get into that gap and it could potentially trade all the way back towards $2 a share.

Traders can look to buy AEZS off weakness with a stop that sits just below some major near-term support at 60 cents per share. One could also just buy AEZS once it clears 84 cents per share with volume, and then simply use a stop just below 70 cents.

Stock quotes in this article: AMPE, SNTA, AEZS, GURE, CIM 

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