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5 Stocks Under $10 Set to Soar

Protalix BioTherapeutics

Another under-$10 name that's starting to trend within range of triggering a major breakout trade is Protalix BioTherapeutics (PLX - Get Report), 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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ZQK $0.01 -10.48%
CIMT $8.83 0.34%
PPHM $0.33 -0.09%
PLX $0.80 -2.40%
SQNM $1.09 -2.68%


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