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TheStreet Open House

4 Health Care Stocks Under $10 Spiking Higher

Stocks in this article: ARNAITMNPGNXCHTP

Progenics Pharmaceuticals

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Progenics Pharmaceuticals (PGNX) is a biopharmaceutical company that develops and commercializes innovative therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. This stock is trading up 5.8% to $3.24 in recent trading.

Today's Range: $3.06-$3.28

52-Week Range: $2.38-$11.34

Volume: 132,000

Three-Month Average Volume: 329,631

From a technical perspective, PGNX is ripping higher here with light volume. This stock has been downtrending badly for the last three months, with shares plunging from $6.50 to its recent low of $2.38. During that downtrend, shares of PGNX have been consistently making lower highs and lower lows, which is bearish technical price action. That said, PGNX has started to rebound the last few weeks with the stock now making higher lows and higher highs, which is bullish action.

Traders should now look for long-biased trades in PGNX if it can manage to trigger a near-term breakout trade above some resistance levels at $3.40 to $3.88 with high volume. Look for a sustained move or close above those levels with volume that hits near or above 329,631 shares. If that breakout triggers soon, then PGNX will setup to re-test or possibly take out its next major overhead resistance levels at $4.36 to $4.75.

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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