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5 Stocks Under $10 Soaring Higher

Impac Mortgage

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Impac Mortgage's (IMH - Get Report) operations include the mortgage and real estate fee-based business activities conducted by its subsidiaries. This stock is trading up 11.9% to $8.74 in recent trading.

Today's Range: $7.91-$8.93

52-Week Range: $1.45-$8.63

Volume: 193,000

Three-Month Average Volume: 103,838

From a technical perspective, IMH is ripping to the upside here with above-average volume. This move has started to push IMH into major breakout territory, since the stock is flirting with some near-term overhead resistance at $8.63. At last check, IMH has hit an intraday high of $8.93 and volume is well above its three-month average action of 103,838 shares.

Traders should now look for long-biased trades in IMH as long as it's trending above $8.03 to $8.63 with strong upside volume flows. I would consider any upside volume day that registers near or above 103,838 shares as bullish. If IMH can maintain that trend, then look for this stock to trade north of $10 in the near future.

Keep in mind that IMH has now entered new 52-week-high territory, which is technically bullish price action.

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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At the time of publication, 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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