4 Stocks Under $10 Spiking Higher

Traders should now look for long-biased trades in MTSL as long as it's trending above its 50-day at $4.01, and then once it sustains a move or close above $5.18 with volume that hits near or above 123,967 shares. If that breakout triggers soon, then MTSL will enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $6 to $7.

China Gerui Advanced Materials Group

China Gerui Advanced Materials Group (CHOP) is a China-based, non state-owned contract manufacturer of high precision cold-rolled narrow strip steel products China. This stock is trading up 6.5% to $2.95 in recent trading.

Today's Range: $2.64-$3.02

52-Week Range: $1.06-$4.08

Volume: 112,000

Three-Month Average Volume: 120,518

From a technical perspective, CHOP is ripping higher here right off some near-term support at $2.60 with decent upside volume. This stock has been uptrending strong for the last three months, with shares soaring higher from its low of $1.06 to its recent high of $3.04. During that move, shares of CHOP have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CHOP within range of triggering a major breakout trade. That trade will hit if CHOP manages to take out some near-term overhead resistance at $3.04 with high volume.

Traders should now look for long-biased trades in CHOP as long as it's trending above $2.60 to $2.40, and then once it sustains a move or close above $3.04 with volume that hits near or above 120,518 shares. If that breakout hits soon, then CHOP will set up to re-test or possibly take out its next major overhead resistance levels at $4 to $4.24 Any high-volume move above those levels will then put $4.40 to $5 into range for shares of CHOP.

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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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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