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TheStreet Open House

5 Stocks Under $10 Set to Soar Higher

Stock quotes in this article: MY, VRNG, LEI, ZLCS, IQNT

Inteliquent

One final under-$10 name that's trending very close to triggering a major breakout trade is Inteliquent (IQNT), which is a full-scale network solutions provider, offering intelligent networking to solve challenging interconnection and interoperability issues on a global scale. This is another stock that's off to a red hot start in 2013, with shares up 16.7%.

If you take a look at the chart for IQNT, you'll notice that this stock has been uptrending strong for the last two months and change, with shares soaring from its low of $2.10 to its recent high of $3.52 a share. During that uptrend, shares of IQNT have been consistently making higher lows and higher highs, which is bullish technical price action. Just today, shares of IQNT have started to skyrocket right off its 50-day moving average of $2.69 a share with heavy volume. This move is quickly pushing the stock within range of triggering a major breakout trade.

Traders should now look for long-biased trades in IQNT if it manages to break out above some near-term overhead resistance at $3.52 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 894,124 shares. If that breakout triggers soon, then IQNT will set up to re-test or possibly take out its next major overhead resistance levels at $5 to its 200-day moving average at $5.84 a share.

Traders can look to buy IQNT off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $2.54 to $2.47 a share. One could also buy IQNT off strength once it clears $3.52 a share with volume and then simply use a stop that sits just below $3.25 to $3.20 a share.

To see more hot under-$10 equities, check out the Stocks Under $10 Setting Up to Explode portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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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.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.
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