5 Stocks Under $10 Set to Soar
Another under-$10 name that's trending very close to triggering a major breakout trade is QuickLogic (QUIK - Get Report), which develops and markets low power programmable solutions that enable customers to add features to their mobile, consumer and industrial products. This stock has been trending lower during the last three months, with shares off by 15.6%.
If you take a look at the chart for QuickLogic, you'll see that this stock has just started to bounce strongly off its 50-day moving average of $2.24 a share with decent upside volume. Volume today has already hit 140,000 shares traded which is not far from its three-month average action of 190,672 shares. This bounce is quickly pushing shares of QUIK within range of triggering a major breakout trade.Market players should now look for long-biased trades in QUIK if it manages to break out above some near-term overhead resistance levels at $2.45 to its 200-day moving average at $2.58 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 190,672 shares. If that breakout triggers soon, then QUIK will set up to re-test or possibly take out its next major overhead resistance levels at $3.02 to $3.05 a share or possible even $3.29 a share. Traders can look to buy QUIK off any weakness and then simply use a stop that sits just below its 50-day at $2.24 a share or around some key near-term support at $2.14 a share. One could also buy QUIK off strength once it takes out those breakout levels with volume and then simply use a stop that sits just below its 50-day at $2.24 a share.
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