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TheStreet Open House

5 Stocks Under $10 Set to Soar Higher

Rosetta Genomics

An under-$10 stock in the biotechnology and drugs complex that's setting up to trigger a major breakout trade is Rosetta Genomics (ROSG), which develops and commercializes diagnostic tests based on microRNAs. This stock has been on fire so far in 2012, with shares up a whopping 170%.

>>4 Biotech Stocks Under $10 Soaring Higher

If you take a look at the chart for Rosetta Genomics, you'll see that this stock recently spiked back above both its 50-day and 200-day moving averages with above-average volume. This move has also pushed ROSG back above some near-term overhead resistance at $6.87 to $7.19 a share with decent volume. Now ROSG is flirting with some more overhead resistance at $7.56 a share, which is quickly pushing the stock into breakout territory.

Market players should now look for long-biased trades in ROSG as long as it's trending above those overhead resistance levels at $7.19 to $7.56 a share with strong upside volume flows. Look for a sustained move or close above those levels with volume that registers near or above its three-month average volume of 1.7 million shares. If ROSG can maintain that trend, then this stock has a great chance of trending higher back towards its next significant overhead resistance levels at $11.47 to $12.87 a share.

Traders can now look to buy ROSG off any weakness and simply use a stop that sits just below some near-term support at $6.90 a share. One could also buy ROSG off strength as long as it's rending above $7.19 with strong upside volume flows. Keep in mind that ROSG has hit an intraday high today of $7.73 a share, so that is another reference point that breakout traders should watch.

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