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4 Tech Stocks Under $10 Ripping Higher

Ceragon Networks

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Ceragon Networks (CRNT - Get Report) is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, music and video applications. This stock is trading up 5.9% at $5.66 in recent trading.

Today's Range: $5.44-$5.79

52-Week Range: $5.06-$10.83

Volume: 96,000

Three-Month Average Volume: 119,689

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From a technical perspective, CRNT is bouncing here off extremely oversold conditions with decent volume. This stock has plunged huge in the last three months, with shares dropping from $9.36 to its recent low of $5.06 hit on Wednesday. That sharp move lower has pushed CRNT into oversold territory, since its current relative strength index is at 38.

Traders should now look to play an oversold bounce in CRNT if it can manage to trend above some near-term overhead resistance at $5.63 with strong upside volume flows. I would consider any upside volume day that registers near or above 119,689 shares as bullish. At last check, CRNT has hit an intraday high of $5.79 and volume is just a bit below its three-month average action of 119,689 shares. If CRNT can maintain a trend above $5.63, then this stock has a chance to bounce hard back to its 50-day moving average of $6.95 in the near future.

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