4 Biotech Stocks Under $10 Soaring Higher

Array Biopharma

Array Biopharma (ARRY) is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. This stock is trading up 3.7% to $5.61 in recent trading.

Today's Range: $5.50-$5.77

52-Week Range: $1.58-$5.94

Volume: 631,000

Three-Month Average Volume: 1 million

From a technical perspective, ARRY is bouncing solidly higher here right off some near-term support at $5.40 with decent volume. This move is quickly pushing ARRY within range of triggering a major breakout trade. That trade will hit once ARRY manages to take out some key overhead resistance levels at $5.85 to $5.94 with high volume.

Traders should now look for long-biased traders in ARRY as long as it's trending above its 50-day at $5.12, and then once it sustains a move or close above those breakout levels with volume that's near or above 1 million shares. If that breakout triggers soon, then ARRY will setup to tag its next significant overhead resistance level at $8.

To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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As of the time of publication, the author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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