One under-$10 stock that looks poised to trigger a major breakout trade is Suntech Power (STP), which is a solar energy company, which designs, develops, manufactures and markets a number of PV cells and modules. This stock has been hit hard by the bears so far in 2013, with shares down by 30%.
If you take a look at the chart for Suntech Power, you'll notice that this stock is just starting to flirt with some near-term overhead resistance at $1.07 a share. You'll also notice that shares of STP have formed a triple bottom over the last month, with the stock finding buying interest at 86 cents, 89 cents and 93 cents per share. That triple bottom zone is now a major base for STP to launch from with the stock starting to flirt with a major breakout trade.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV