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5 Stocks Under $10 Soaring Higher

Zoltek

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Zoltek (ZOLT - Get Report) is engaged in the development, manufacture, and marketing of carbon fibers for different applications. This stock is trading up 6.1% at $8.25 in recent trading.

Today's Range: $8.04-$8.32

52-Week Range: $5.60-$15.01

Volume: 917,000

Three-Month Average Volume: 174,000

From a technical perspective, ZOLT is gapping up sharply here with huge volume. This move is quickly pushing ZOLT within range of challenging its 50-day moving average of $8.48.

>>Stocks Hitting New 52-Week Highs

Traders should now look for long-biased trades once ZOLT manages to clear its 50-day with high volume. Look for a sustained move or close above $8.48 with volume that hits near or above its three-month average action of 174,000 shares. If we see that action soon, then ZOLT will move into range of triggering a major breakout trade.

That trade will trigger once ZOLT clears its 200-day at $9.37, and then once it takes out more resistance at $9.61 to $9.66 with heavy volume. If that breakout were to trigger, then look for ZOLT to re-test or possibly take out its next major overhead resistance levels at $11.41 to $12.10.

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