Another under-$10 stock that's setting up to trigger a near-term breakout trade is Medgenics (MDGN), a medical technology and therapeutics company focused on providing sustained protein therapies. This stock has been on fire so far in 2012, with shares up a whopping 275%.
If you take a look at the chart for Medgenics, you'll see that this stock has been downtrending for the last four months, with shares falling from a high of $16.43 to a recent low of $8.25 a share. During that downtrend, shares of MDGN have been mostly making lower highs and lower lows, which is bearish technical price action. That said, shares of MDGN have recently started to bounce off its 200-day and are now pushing within range of triggering a near-term breakout trade.
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