7 Under-$10 Stocks Rising on Explosive Volume

Traders should now look for long-biased trades in PGNX as long as it's trending above $2, and then once it sustains a move or close above those breakout levels with volume that hits near or above 263,297 million shares. If that breakout trigger soon, then PGNX will set up to re-test or possibly take out its next major overhead resistance levels at $3.01 to $3.30.

Novogen (NVGN)

This company researches, develops & markets pharmaceutical products. It offers its products therapeutic area cancer, heart disease, inflammatory bowel disease & other chronic inflammatory diseases & also provides health supplements. This stock is trading up 6.5% to $6.05 in recent trading.

Today's Range: $5.50-$6.50

52-Week Range: $1.47-$13.75

Volume: 40,000

Three-Month Average Volume: 34,074

From a technical perspective, NVGN is spiking notably higher here right off some near-term support at $5.50 with above-average volume. This stock has been uptrending very strong for the last month, with shares soaring from a low of $1.47 to its recent high of $7.15. During that move, shares of NVGN have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed NVGN within range of triggering a major breakout trade. That trade will hit once NVGN manages to take out some near-term overhead resistance at $6.98 to $7.15 with high volume.

Traders should now look for long-biased trades in NVGN as long as it's trending above $5.50, and then once it sustains a move or close above those breakout levels with volume that hits near or above 34,074 shares. If NVGN triggers that breakout, then the stock will set up to re-test or possibly take out its next significant overhead resistance levels at $8.25 to $9.35. Any high-volume move above $9.35 will then put $11 into focus for shares of NVGN.

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.

To see this week's trades in action, check out the Technical Setups for the Week portfolio on Stockpickr.

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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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