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5 Stocks Under $10 Set to Soar

Biolase


Another under-$10 stock that's starting to trend within range of triggering a big breakout trade is Biolase (BIOL - Get Report), which develops, manufactures and markets laser systems for dental and medical applications. This stock has been trending modestly higher in 2013, with shares up by 15.9%.

>>5 Big Trades for Post-Taper Gains

If you take a look at the chart for Biolase, youll notice that this stock has been uptrending strong for the last month and change, with shares pushing higher from its low of $1.47 to its recent high of $2.25 a share. During that uptrend, shares of BIOL have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of BIOL within range of triggering a big breakout trade.

Traders should now look for long-biased trades in BIOL if it manages to break out above some near-term overhead resistance levels at $2.25 to $2.50 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 311,533 shares. If that breakout hits soon, then BIOL will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $3.07 a share to $3.50 or $3.70 a share.

Traders can look to buy BIOL off weakness to anticipate that breakout and simply use a stop that sits right below its 50-day moving average of $1.85 a share. One can also buy BIOL 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
CNDO $2.84 -3.40%
NBS $1.85 -2.12%
ACPW $2.02 0.00%
BIOL $1.69 0.00%
CCIH $11.40 0.00%

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