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4 Tech Stocks Under $10 Spiking Higher

Stocks in this article: AMDOCZLTONGRPN

Linktone

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Linktone (LTON) provides entertainment-oriented telecom value-added services to mobile phone users over the 2G and 2.5G mobile telecommunications networks in China. This stock closed up 5.8% to $2.54 on Wednesday.

Wednesday's Range: $2.48-$2.58

52-Week Range: $1.03-$3.18

Volume: 54,000

Three-Month Average Volume: 38,267

From a technical perspective, LTON spiked higher Wednesday right into its 50-day moving average of $2.54 with above-average volume. This stock has been trending sideways for the last five months, with shares moving between $2.09 on the downside and $2.81 on the upside. Shares of LTON are now quickly moving within range of triggering a breakout trade above the upper-end of its recent range bound trading pattern. That trade will hit if LTON manages to clear some near-term overhead resistance levels at $2.68 to $2.78 and then once it takes out more overhead resistance at $2.81 with high volume.

Traders should now look for long-biased trades in LTON as long as it's trending above some key near-term support at $2.40 and then once it sustains a move or close above those breakout levels with volume that hits near or above 38,267 shares. If that breakout triggers soon, then LTON will set up to re-test or possibly take out its next major overhead resistance level at $3.18. Any move above $3.18 will then push shares of LTON into new 52-week-high territory, which is bullish technical price action. Some possible upside targets above $3.18 are $3.50 to $4.

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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Follow Stockpickr on Twitter and become a fan on Facebook.

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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