Stocks that are making large moves like these are favorites among short-term traders because they can jump into these names and try to capture some of that massive volatility. Stocks that are making big-percentage moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst such as a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst downgrade.
Regardless of the reason behind it, when a stock makes a large-percentage move, it is often just the start of a new major trend -- a trend that can lead to huge profits. If you time your trade correctly, combining technical indicators with fundamental trends, discipline and sound money management, you will be well on your way to investment success.
Must Read: 5 Stocks Under $10 Set to Soar
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.
Oncolytics Biotech (ONCY), a development stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancers. This stock closed up 5% to $1.88 in Thursday's trading session.
Thursday's Range: $1.74-$1.91
52-Week Range: $1.45-$3.50
Thursday's Volume: 1.31 million
Three-Month Average Volume: 495,420
From a technical perspective, ONCY jumped sharply higher here right above its 50-day moving average of $1.68 with strong upside volume. This stock just recently started to break out above some near-term overhead resistance levels at $1.79 to $1.80. Market players should now look for a continuation move higher in the short-term if ONCY manages to take out Thursday's high of $1.91 to some past overhead resistance at $1.92 with high volume.
Traders should now look for long-biased trades in ONCY as long as it's trending above its 50-day at $1.68 or above more support at $1.61 and then once it sustains a move or close above $1.91 to $1.92 with volume that hits near or above 495,420 shares. If we get that move soon, then ONCY will set up to re-test or possibly take out its next major overhead resistance level at $2. Any high-volume move above $2 will then give ONCY a chance to re-fill some of its previous gap-down-day zone from last November that started at $2.70.