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2 Stocks Under $10 Moving Higher

Stocks in this article: KFXBTG

B2Gold

B2Gold (BTG) engages in the exploration and development of mineral properties in Nicaragua, Colombia, Namibia and Uruguay. This stock closed up 1.6% to $2.49 in Tuesday's trading session.

Tuesday's Range: $2.41-$2.52
52-Week Range: $1.78-$3.82
Tuesday's Volume: 1.19 million

Three-Month Average Volume: 1.56 million

From a technical perspective, BTG spiked modestly higher here right off its 200-day moving average of $2.41 with decent upside volume. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $1.85 to its intraday high of $2.52. During that uptrend, shares of BTG have been consistently making higher lows and higher highs, which is bullish technical price action. This spike on Tuesday is quickly pushing shares of BTG within range of triggering a near-term breakout trade. That trade will hit if BTG manages to take out $2.52 with high volume.

Traders should now look for long-biased trades in BTG as long as its trending above its 200-day at $2.41 or above its 50-day at $2.16 and then once it sustains a move or close above $2.52 with volume that hits near or above 1.56 million shares. If that breakout hits soon, then BTG will set up to re-test or possibly take out its next major overhead resistance levels at $2.76 to $2.96. Any high-volume move above those levels will then give BTG a chance to tag $3.20 to $3.50.

To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

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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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