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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Stocks Under $10 Set to Soar

Millennial Media

Another under-$10 stock that's starting to trade within range of triggering a near-term breakout trade is Millennial Media (MM), which is an independent mobile advertising platform company. This stock has been crushed by the bears so far in 2013, with shares off by a whopping 50%.

If you take a look at the chart for Millennial Media, you'll notice that this stock has recently started to trend sideways in a consolidation pattern between $5.87 a share on the downside and $6.71 a share on the upside. This sideways chart pattern is coming after shares of MM downtrended badly from $10 to $5.87 a share. Shares of MM are now starting to move within range of triggering a near-term breakout trade.

>>3 Tech Stocsk Under $10 Spiking Higher

Market players should now look for long-biased trades in MM if it manages to break out above some near-term overhead resistance levels at $6.71 to $6.92 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 1.72 million shares. If that breakout hits soon, then MM will set up to re-test or possibly take out its next major overhead resistance levels at $7.37 to its 50-day moving average at $8.37 a share. Any high-volume move above its 50-day will then put $8.80 to $9.50 into range for shares of MM.

Traders can look to buy MM off weakness to anticipate that breakout and simply use a stop that sits just below some key near-term support levels at $6.01 to $5.87 a share. Once can also buy off strength once MM takes out those breakout levels with volume and then use a stop that's a few percentage points below your entry point.

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