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4 Basic Materials Stocks Under $10 on the Move

Gevo

Gevo (GEVO) 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) 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.

Stock quotes in this article: URRE, MPO, OXF, GEVO 

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