5 Stocks Under $10 Set to Trade Higher in November
Research In Motion
Another under-$10 name that's trading very close to triggering a near-term breakout trade is Research In Motion (RIMM)(RIMM). This company designs, manufactures, and markets wireless solutions for the mobile communications market worldwide. It provides platforms and solutions for access to information, including email, voice, and instant messaging. This stock has been trending down so far in 2012, with shares off by around 40%.
If you look at the chart for Research In Motion, you'll notice how this stock has found some buying interest during the last few weeks right above its 50-day moving average of $7.41 a share. Following that buying, shares of RIMM have started to trend higher and break out above some near-term overhead resistance at $8.08 a share, and above $8.45 to $8.49 a share. At last check, RIMM has hit an intraday high of $8.85 and volume is tracking in strong.
Market players should now look for long-biased trades in RIMM as long as it's trending above $8.08 a share with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 21,865,700 shares as bullish. If RIMM can maintain that trend, then this stock has a great chance to re-test or possibly take out its next major overhead resistance levels at $10.66 to $11.09 a share. Any high-volume move above $11.09 could put $12 to $13 a share into focus for RIMM.
Traders can look to buy RIMM off any weakness, and simply use a stop that sits just below its 50-day at $7.41 a share. Or you can buy off strength above $8.49 a share, and simply use a stop just below $8.08 a share.Select the service that is right for you!
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