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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts