4 Tech Stocks Under $10 Spiking Higher

Groupon

Groupon (GRPN) provides a local e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount. The company features a daily deal on the best stuff to do, see, eat and buy. This stock closed up 5.2% to $5.09 on Wednesday.

Wednesday's Range: $4.81-$5.10

52-Week Range: $2.60-$25.84

Volume: 12.13 million

Three-Month Average Volume: 19.24 million

From a technical perspective, GRPN bounced higher right above some near-term support at $4.79 with lighter-than-average volume. This stock has been trending sideways for the last month and change, with shares moving between $4.43 on the downside and $5.59 on the upside. A high-volume move above the upper-end of its recent range will trigger a near-term breakout trade for shares of GRPN.

Traders should now look for long-biased trades in GRPN as long as it's trending above its 50-day at $4.40, and then once it sustains a move or close above some key breakout levels at $5.25 to $5.59 with volume that hits near or above 19.24 million shares. If that breakout triggers soon, then GRPN will set up to re-test or possibly take out its next major overhead resistance level at $6. Any move above $6 will then give shares of GRPN a chance to re-fill its previous gap down zone from last August that started at $8.05.

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