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3 Stocks Under $10 Spiking Higher

Stocks in this article: ALUSREVFREE

FreeSeas

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FreeSeas (FREE) is an international dry bulk shipping company, currently focusing on the Handysize and Handymax sectors. This stock is trading up 12.8% to $1.32 in recent trading.

Today's Range: $1.14-$1.37

52-Week Range: $0.60-$21.80

Volume: 891,000

Three-Month Average Volume: 375,813

>>Trade These 5 Huge Stocks for Gains

From a technical perspective, FREE is ripping higher here right above some near-term support at $1.12 with above-average volume. This move is quickly pushing shares of FREE within range of triggering a major breakout trade above a key downtrend line. That trade will hit if FREE manages to take out some near-term overhead resistance levels at $1.40 to $1.53 a share with high volume.

Traders should now look for long-biased trades in FREE as long as it's trending above some key near-term support at $1.12 and then once it sustains a move or close above those breakout levels with volume that hits near or above 375,813 shares. If that breakout triggers soon, then FREE will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day of $1.62 to $1.84. Any high-volume move above those levels will then put its next major resistance levels at $2.15 to its 200-day at $2.53 into range for shares of FREE.

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