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4 Basic Materials Stocks Under $10 on the Move

Gevo

Gevo (GEVO - Get Report) is a renewable chemicals and advanced biofuels company. This stock closed up 7.1% to $2.10 on Thursday.

Thursday's Range: $1.98-$2.12

52-Week Range: $1.36-$10.39

Volume: 1.85 million

Three-Month Average Volume: 1.22 million

From a technical perspective, GEVO ripped higher on Thursday back above its 50-day moving average of $2.08 and above some near-term overhead resistance at $2.06 with above-average volume. This move is quickly pushing shares of GEVO within range of triggering a near-term breakout trade. That trade will hit if GEVO manages to take out some near-term overhead resistance at $2.22 with high volume.

Traders should now look for long-biased trades in GEVO as long as it's trending above Thursday's low of $1.98, and then once it sustains a move or close above $2.22 with volume that hits near or above 1.22 million shares. If that breakout triggers soon, then GEVO will set up to re-test or possibly take out its next major overhead resistance levels at $2.40 to $2.60. Any high-volume move above $2.60 will then put $2.75 into range for shares of GEVO. Keep in mind that above $2.75 is a previous gap down zone from last September.

Midstates Petroleum

Midstates Petroleum (MPO - Get Report) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil-prone resources in previously discovered yet underdeveloped hydrocarbon trends. This stock closed up 8.5% to $8.49 on Thursday.

Thursday's Range: $7.75-$8.53

52-Week Range: $4.71-$16.95

Volume: 405,000

Three-Month Average Volume: 274,740

From a technical perspective, MPO ripped higher on Thursday right above its 50-day moving average at $7.41 and back above its 200-day moving average of $8.42 with above-average volume. This move is quickly pushing shares of MPO within range of triggering a major breakout trade. That trade will hit if MPO manages to take out some near-term overhead resistance at $8.50 and then once it clears some past overhead resistance at $9.15 to $9.23 with high volume.

Traders should now look for long-biased trades in MPO as long as it's trending above Thursday's low of $7.75 or its 50-day at $7.41, and then once it sustains a move or close above those breakout levels with volume that hits near or above 274,740 shares. If that breakout hits soon, then MPO will set up to re-test or possibly take out its next major overhead resistance levels at $11 to $12. Keep in mind that in order for a run to $12 to happen, MPO must fist clear some resistance at $11.11 with volume.

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SYM TRADE IT LAST %CHG
OXF $12.01 -0.09%
GEVO $2.72 0.00%
MPO $1.09 0.00%
URRE $1.41 0.00%
AAPL $130.28 0.00%

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