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TheStreet Open House

5 Stocks Under $10 Set to Soar

Stock quotes in this article: CBMX, PPHM, SQNM, CIMT, PLX, ZQK

Protalix BioTherapeutics

Another under-$10 name that's starting to trend within range of triggering a major breakout trade is Protalix BioTherapeutics (PLX), which is engaged in the development and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx protein expression system. This stock is off to a decent start in 2013, with shares up 8.2%.

If you take a look at the chart for Protalix BioTherapeutics, you'll notice that this stock is just starting to bounce off its 200-day moving average of $5.44 a share, and it's just starting to flirt with its 50-day moving average of $5.61 a share. This move is quickly pushing PLX above a near-term downtrend line and it's moving the stock within range of triggering a major breakout trade.

Market players should now look for long-biased trades in PLX if it manages to break out above some near-term overhead resistance levels at $5.74 to $5.98 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 341,921 shares. If that breakout triggers soon, then PLX will set up to re-test or possibly take out its next major overhead resistance level at $6.73 a share. Any high-volume move above $6.73 to $6.80 will then put $7.70 into range for shares of PLX.

Traders can look to buy PLX off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day moving average of $5.44 a share or near some key near-term support at $5.40 a share. One could also buy PLX off strength once it takes out those breakout levels with volume and then simply use a stop right below its 50-day at $5.62 or its 200-day at $5.44 a share.

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