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5 Stocks Under $10 Set to Soar

Symmetry Medical

One under-$10 health care player that's starting to trend within range of triggering a near-term breakout trade is Symmetry Medical ( SMA), which designs, develops and produces medical device solutions and surgical instruments. This stock has been hit by the sellers in 2013, with shares off by 22%.

If you take a look at the chart for Symmetry Medical, you'll notice that this stock has been finding some buying interest over the last two months, each time it's pulled back to around $7.75 a share. That action has started to form a bottoming pattern for SMA near that $7.75 level. Shares of SMA are now starting to challenge its 50-day moving average of $8.20 a share. That move is quickly pushing shares of SMA within range of triggering a near-term breakout trade.

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Traders should now look for long-biased trades in SMA if it manages to break out above some near-term overhead resistance levels at $8.29 to $8.60 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 129,189 shares. If that breakout hits soon, then SMA will set up to re-test or possibly take out its next major overhead resistance levels at $9.40 to its 200-day moving average of $9.59 a share. Any high-volume move above those levels will then put $10.50 to $11 into range for shares of SMA.

Traders can look to buy SMA off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $7.75 a share, or at $7.44 a share. One can also buy SMA off strength once it clears those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

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SYM TRADE IT LAST %CHG
KONG $0.00 0.00%
FALC $1.48 1.37%
MDCI $13.78 -0.07%
NTWK $6.08 -0.82%
SMA $9.27 -0.43%

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