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TheStreet Open House

5 Stocks Under $10 Ripping Higher

Reeds

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Reeds ( REED) develops, manufactures, markets and sells natural non-alcoholic and "new age" beverages, candies and ice creams. This stock is trading up 11.2% to $4.61 in recent trading.

Today's Range: $4.13-$4.61
52-Week Range: $2.21-$8.82
Volume: 105,000
Three-Month Average Volume: 60,349

Shares of REED are ripping higher today after the company said first-quarter revenues for 2013 increased by 24% to over $8 million from $6.5 million in the first quarter of 2012.

>>5 Hated Earnings Stocks That Deserve Your Love

From a technical perspective, REED is trending higher here back above its 50-day moving average at $4.24 with above-average volume. This stock has been trending sideways for the last month and change, with shares moving between $3.80 on the downside and $4.75 on the upside. Shares of REED are now quickly moving within range of triggering a breakout trade above the upper-end of its recent range. That breakout will hit if REED clears some near-term overhead resistance levels at $4.47 to $4.75 with high volume.

Traders should now look for long-biased trades in REED as long as it's trending above today's low of $4.13 and then once it sustains a move or close above those breakout levels with volume that hits near or above 60,349 shares. If that breakout hits soon, then REED will set up to re-test or possibly take out its next major overhead resistance levels at $5.60 to $6.

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