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TheStreet Open House

5 Stocks Under $10 Ready to Soar Higher

Rosetta Genomics

One under-$10 stock that's trending very close to trigger a near-term breakout trade is Rosetta Genomics (ROSG), which develops diagnostic tests and therapeutic tools. This stock has been in play with the bulls during the last three months, with shares up 10%.

This company was hit with some positive news today after data from a study demonstrating the ability of microRNA expression to serve as a biomarker to predict the progression of bladder urothelial carcinoma were published online in the British Journal of Urology International.

>>Stocks With Analyst Upgrades

If you take a look at the chart for Rosetta Genomics, you'll notice that this stock has just started to trend back above its 50-day moving average of $4.60 a share. That move is coming after ROSG has formed a consolidation pattern for the last few weeks at around $4.40 to $4.50 a share. Shares of ROSG are now quickly moving within range of triggering a near-term breakout trade that could send the stock soaring to the upside.

Traders should now look for long-biased trades in ROSG if it manages to break out above some near-term overhead resistance levels at $4.95 to $5 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 494,200 shares. If that breakout hits soon, then ROSG will set up to re-test or possibly take out its next major overhead resistance levels at $5.50 to $5.98 a share. Any high-volume move above $5.98 will then put its 200-day at $6.29 to $7 or higher into range for shares of ROSG.

Traders can look to buy ROSG off any weakness to anticipate that breakout and then simply use a stop that sits right around some key near-term support at $4.40 a share. One can also buy ROSG off strength once it takes out those breakout levels with volume and then simply use a stop that sits just below its 50-day moving average of $4.60 a share.

This stock has explosive upside potential if that breakout triggers soon, since it's a favorite target of the short-sellers. The current short interest as a percentage of that float for ROSG is very high at 19.2%. Look for a monster short-squeeze to develop if that breakout triggers soon.

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