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5 Stocks Under $10 Set to Soar

Sangamo BioSciences

Another under-$10 name that's already starting to trigger a breakout trade is Sangamo BioSciences (SGMO - Get Report), which is engaged in the research, development and commercialization of engineered DNA-binding proteins for the development of novel therapeutic strategies for unmet medical needs. This stock has been on fire in 2013, with shares up a whopping 64%.

If you take a look at the chart for Sangamo BioSciences, you'll notice that this stock has started to trend back above its 50-day moving average of $9.34 a share with decent upside volume flows. Shares of SGMO have also started to break out above some near-term overhead resistance at $9.48 a share.

Market players should now look for long-biased trades in SGMO as long as it's trending above its 50-day at $9.34 a share and then once it sustains a move or close above $9.48 a share with high volume. Look for a sustained move or close above $9.48 a share with volume that hits near or above its three-month average action of 743,270 shares. If SGMO can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $10.50 to $11.24 a share. Any high-volume move above $11.24 would then push shares of SGMO into new 52-week-high territory, which is bullish technical price action.

Traders can look to buy SGMO off any weakness and simply use a stop that sits right below its 50-day at $9.34 a share. One could also buy SGMO off strength as long as its trending above $9.48 a share and then simply use a stop right below its 50-day at $9.34 a share.
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ZN $1.86 0.00%
AT $1.75 0.00%
CBMX $5.72 0.00%
SGMO $5.66 0.00%
TROV $3.85 0.00%


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