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

5 Stocks Under $10 Set to Soar



Penn West Petroleum


Another under-$10 stock that's starting to trend within range of triggering a big breakout trade is Penn West Petroleum (PWE), which is engaged in the business of acquiring, exploring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets. This stock has been under pressure by the bears during the last three months, with shares off by 24%.

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If you take a look at the chart for Penn West Petroleum, you'll notice that this stock has been trending sideways over the last two months, with shares moving between $7.89 on the downside and $8.84 on the upside. Shares of PWE are now starting to spike higher above its recent low of $8.14 a share and it's quickly moving within range of triggering a breakout trade above the upper-end of its recent sideways trading chart pattern.

Market players should now look for long-biased trades in PWE if it manages to break out above some near-term overhead resistance levels at $8.84 a share to its 50-day moving average of $8.96 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 2.43 million shares. If that breakout hits soon, then PWE will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $10.07 to $11 a share. Any high-volume move above those levels will then give PWE a chance to tag $11.50 to $12 a share.

Traders can look to buy PWE off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $8.14 a share or at $7.89 a share. One can also buy PWE off strength once it starts to clear those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

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