4 Stocks Under $10 Moving Higher
Traders should now look for long-biased trades in IPHI as long as it's trending above its 50-day at $9.13 and then once it sustains a move or close above $10.19 with volume that hits near or above 247,224 shares. If that breakout triggers soon, then IPHI will set up to re-test or possibly take out its next major overhead resistance levels at $10.93 to $12.25. Any high-volume move above $12.25 will then give IPHI a chance to re-fill some of its gap down zone from last April that started near $14.
Frontline
Frontline (FRO), which is engaged mainly in the ownership and operation of oil tankers and oil/bulk/ore carriers, is trading up 4.7% to $2.15 in recent trading.
Today's Range: $2.08-$2.19
52-Week Range: $2.04-$9.47 Volume: 715,000 Three-Month Average Volume: 740,236 From a technical perspective, FRO is bouncing higher here right above some near-term support at $2.04 with decent upside volume. This stock has been slammed by the bears during the last month, with shares dropping from its high of $3.57 to its recent low of $2.04. During that downtrend, shares of FRO have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of FRO have now entered extremely oversold territory, since its current relative strength index reading is 19.71. Oversold can always get more oversold, but it's also an area where a stock can experience a powerful bounce higher from. Traders should now look for long-biased trades in FRO as long as it's trending above that key near-term low $2.04 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 740,236 shares as bullish. If FRO can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $2.40 to just above $2.70. 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.Select the service that is right for you!
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