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: 3 Stocks Under $10 Moving Higher
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.
Chegg (CHGG - Get Report) operates student-first connected learning platform that empowers students to take control of their education to save time, save money and get smarter. This stock closed up 3.8% to $5.47 in Thursday's trading session.
Thursday's Range: $5.28-$5.57
52-Week Range: $4.98-$11.25
Thursday's Volume: 842,000
Three-Month Average Volume: 558,316
From a technical perspective, CHGG jumped higher here right above some near-term support at $5.23 with strong upside volume. This stock has been trending sideways for the last few weeks, with shares moving between $4.98 on the downside and around $6 on the upside. This spike higher on Thursday is starting to push shares of CHGG within range of triggering a near-term breakout trade above the upper-end of its recent range. That trade will hit if CHGG manages to take out some key near-term overhead resistance levels at $5.65 to $6 with high volume.
Traders should now look for long-biased trades in CHGG as long as its trending above some key near-term support levels at $5.23 to $5.16 or above $4.98 and then once it sustains a move or close above those breakout levels with volume that hits near or above 558,316 shares. If that breakout materializes soon, then CHGG will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $6.32 to $7.50.