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TheStreet Open House

2 Stocks Under $10 Moving Higher


Kofax (KFX) provides capture and business process management software and related maintenance and professional services. This stock closed up 8.8% to $7.86 in Tuesday's trading session.

Tuesday's Range: $7.60-$8.00
52-Week Range: $6.50-$8.50
Tuesdays Volume: 623,000
Three-Month Average Volume: 240,008

From a technical perspective, KFX gapped up sharply higher here and broke out above some near-term overhead resistance at $7.74 with strong upside volume. This move also briefly pushed shares of KFX into above another breakout level at $8, before the stock cooled off into the close and finished at $7.86. Market players should now look for a continuation move higher in the short-term if KFX manages to take out Tuesday's high of $8.10 with strong volume.

Traders should now look for long-biased trades in KFX as long as it's trending above Tuesday's low of $7.60 or above its 50-day at $7.01 and then once it sustains a move or close above $8.10 with volume that hits near or above 240,008 shares. If we get that move soon, then KFX will set up to re-test or possibly take out its 52-week high at $8.50. Any high-volume move above $8.50 will then give KFX a chance to tag $9 to $9.50.

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