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

3 Stocks Under $10 in Breakout Territory

Stocks in this article: CETV FLWS YZC

Yanzhou Coal Mining

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Yanzhou Coal Mining ( YZC) engages in the underground coal mining, as well as preparation, processing, sale and railway transportation of coal. This stock closed up 7.6% to $7.31 in Thursday's trading session.

Thursday's Range: $7.14-$7.31
52-Week Range: $6.68-$18.57
Thursday's Volume: 391,000
Three-Month Average Volume: 370,383

>>2 Basic Materials Stocks With Big Volume to Watch

From a technical perspective, YZC bounced sharply higher here right off some near-term support at $6.77 with above-average volume. This stock has been downtrending badly for the last six months, with shares plunging from its high of over $14 to its recent low of $6.68. During that move, shares of YZC have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of YZC have recently formed a double bottom chart pattern at $6.68 to $6.77. This stock now looks ready to reverse that downtrend and possibly trigger a near-term breakout trade. That trade will hit if YZC manages to take out some near-term overhead resistance levels at $7.76 to $8 with high volume.

Traders should now look for long-biased trades in YZC as long as it's trending above its recent low of $6.77 and then once it sustains a move or close above those breakout levels with volume that hits near or above 370,383 shares. If that breakout triggers soon, then YZC will set up to re-test or possibly take out its next major overhead resistance levels at $9 to $10. Any high-volume move above those levels will then give YZC a chance to tag its next major overhead resistance levels at $10.67 to $11.11.

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