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.
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