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3 Biotech Stocks Under $10 to Trade for Breakouts

Adamis Pharmaceuticals

Adamis Pharmaceuticals (ADMP), a biopharmaceutical company, engages in the development and commercialization of specialty pharmaceutical products in the therapeutic areas of oncology, immunology and infectious diseases, and allergy and respiratory. This stock closed up 0.79% to $6.40 in Thursday's trading session.

Thursday's Range: $6.31-$6.40
52-Week Range: $3.40-$13.09
Thursday's Volume: 76,000
Three-Month Average Volume: 109,711

From a technical perspective, ADMP trended modestly higher here with lighter-than-average volume. This stock has been consolidating and trending sideways for the last three, with shares moving between $6.05 on the downside and $7.25 on the upside. Shares of ADMP are now starting to perk up a bit right below its 50-day moving average of $6.50. Market players should now look for a move back above its 50-day moving average of $6.50 with strong volume.

Must Read: 4 Stocks Triggering Breakouts on Unusual Volume

Traders should now look for long-biased trades in ADMP as long as it's trending above some key near-term support levels at $6.12 to $6.05 and then once it sustains a move or close above its 50-day at $6.50 with volume that hits near or above 109,711 shares. If we get that move soon, then ADMP will set up to re-test or possibly take out its next major overhead resistance levels at $6.90 to $7.10, or even $7.25. Any high-volume move above those levels will then give ADMP a chance to tag $8 to $9.

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.


Follow Stockpickr on Twitter and become a fan on Facebook.

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 and You can follow Pedone on Twitter at or @zerosum24.
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