4 Big Volume Gainers Under $10

Enzo Biochem (ENZ)

This company is engaged in research, development, manufacturing and marketing of diagnostic and research products based on genetic engineering, biotechnology and molecular biology. This stock closed up 7.7% to $2.78 in recent trading.

Today's Range: $2.56-$2.81

52-Week Range: $1.33-$3.12

Volume: 291,000

Three-Month Average Volume: 164,030

Shares of ENZ soared higher today after the company said its Enzo Clinical Labs has introduced a new diagnostic test that assist in risk assessment and early detection of lung cancer. It is being made available to physicians in the New York metropolitan market as well as New Jersey and Eastern Pennsylvania, where Enzo is the only clinical laboratory making the test available within those areas.

From a technical perspective, ENZ bounced higher today right around some near-term support at $2.47 with above-average volume. This stock has been trending sideways for the last month, with shares moving between $2.40 on the downside and $3.09 on the upside. Shares of ENZ are now pushing within range of triggering a major breakout trade. That trade will hit once ENZ manages to take out some near-term overhead resistance levels at $2.80 to $3.09 and then once it clears some past overhead resistance at $3.12 with high volume.

Traders should now look for long-biased trades in ENZ as long as it's trending above $2.47, and then once it sustains a move or close above those breakout levels with volume that hits near or above 164,030 shares. If that breakout triggers soon, then ENZ will set up to re-test or possibly take out its next major overhead resistance levels at $4 to $4.88. Keep in mind that any move above $3.12 would send ENZ into new 52-week high territory, which is bullish technical price action.

To see more stocks 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 technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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