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4 Stocks Under $10 Making Big Moves

Prosensa

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Prosensa ( RNA) is engaged in the discovery and development of RNA-modulating therapeutics for the treatment of rare genetic disorders. This stock closed up 5.4% to $4.43 in Tuesday's trading session.

Tuesday's Range: $4.24-$4.44
52-Week Range: $4.16-$34.55
Thursday's Volume: 151,000
Three-Month Average Volume: 601,600

>>5 Stocks With Big Insider Buying

From a technical perspective, RNA ripped higher here right above its recent low of $4.16 with lighter-than-average volume. This stock has been downtrending badly for the last month, with shares moving lower from its high just above $7.50 to its low of $4.16. During that downtrend, shares of RNA have been consistently making lower highs and lower lows, which is bearish technical price action. That move has now pushed shares of RNA into oversold territory, since its current relative strength index reading is 23.70. Oversold can always get more oversold, but it's also an area where a stock can experience a powerful bounce higher from.

Traders should now look for long-biased trades in RNA as long as it's trending above that recent low of $4.16 and then once it sustains a move or close above some near-term overhead resistance levels at $4.50 to $5 with volume that hits near or above 601,600 shares. If we get that move soon, then RNA will set up to re-test or possibly take out its next major overhead resistance levels at $6 to $7. Any high-volume move above $7.50 will then give RNA a chance to re-fill some of its previous gap down zone from September that started at $24.

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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Follow Stockpickr on Twitter and become a fan on Facebook.

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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