One under-$10 stock that's trending very close to trigger a major breakout trade is MEI Pharma (MEIP), which is developing cancer therapeutics based on the central design of naturally occurring compounds called isoflavones. This stock has been off to a hot start in 2013, with shares up 22%.
If you take a look at the chart for MEI Pharma, you'll notice that this stock recently formed a double bottom at around $7.54 to $7.29 a share, right above its 50-day moving average of $7.31 a share. This stock has started to bounce off those support areas and is now quickly moving within range of triggering a major breakout trade.
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