China Ming Yang Wind Power Group
One under-$10 stock that's just starting to trigger a breakout trade here is China Ming Yang Wind Power Group (MY), a wind turbine manufacturer in China. This stock is blazing a trail to the upside in 2013, with shares up 40%.
If you take a look at the chart for China Ming Yang Wind Power Group, you'll notice that this stock has been uptrending strong for the last month and change, with shares soaring higher from its low of $1.17 to its recent super spike high of $2.13 a share. During that uptrend, shares of MY have been consistently making higher lows and higher highs, which is bullish technical price action. Shares of MY have now started to bounce off its 200-day moving average at $1.43 a share and it's starting to break out above some near-term overhead resistance at $1.70 a share with decent volume. Volume today has registered 195,000 shares, which is just a bit below its three-month average action of 200,055 shares.
Traders should now look for long-biased trades in MY as long as it's trending above $1.70 to $1.75 a share with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 200,055 shares as bullish. If MY can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $2.13 to $2.47 a share.
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