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

3 Biotech Stocks Under $10 Spiking Higher

Xenoport

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Xenoport (XNPT) is a biopharmaceutical company focused on developing and commercializing a portfolio of internally discovered product candidates with an initial focus on neurological disorders. This stock closed up 1.9% to $5.76 on Friday.

Friday's Range: $5.49-$5.78
52-Week Range: $4.61-$12.98
Volume: 382,000
Three-Month Average Volume: 538,267

>>5 Stocks Insiders Are Scooping Up

From a technical perspective, XNPT spiked modestly higher here right off its 50-day moving average of $5.49 with decent upside volume. This stock has been uptrending for the last few weeks, with shares moving higher from its low of $4.61 to its intraday high of $5.78. During that move, shares of XNPT have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of XNPT within range of triggering a major breakout trade. That trade will hit if XNPT manages to take out some near-term overhead resistance levels at $5.94 to its gap down day high at $6.10 with high volume.

Traders should now look for long-biased trades in XNPT as long as it's trending above its 50-day at $5.49 or above $5.20 and then once it sustains a move or close above those breakout levels with volume that hits near or above 538,267 shares. If that breakout triggers soon, then XNPT will set up to re-fill its previous gap down zone from May that started at $6.83. Any high-volume move above $6.83 would then put its next major overhead resistance level at $7.60 into range for shares of XNPT.

To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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