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4 Stocks Under $10 Moving Higher

Stocks in this article: NEONHIMXRMGNUNXL

Neonode

Neonode (NEON), together with its subsidiaries, develops and licenses user interfaces and optical infrared touch technology solutions. This stock closed up 4.1% to $3.23 a share in Thursday's trading session.

Thursday's Range: $2.95-$3.38
52-Week Range: $2.44-$8.84
Thursday's Volume: 1.85 million
Three-Month Average Volume: 1.28 million

From a technical perspective, NEON ripped sharply higher here with above-average volume. This spike higher on Thursday briefly pushed shares of NEON into breakout territory, since the stock flirted with some near-term overhead resistance at $3.29. Shares of NEON closed just below that level at $3.23, but the stock is still trending within range of triggering another big breakout trade. That trade will hit if NEON manages to take out some key overhead resistance levels at $3.50 to its 50-day moving average of $3.68 with high volume.

Traders should now look for long-biased trades in NEON as long as it's trending above Thursday's intraday low of $2.95 or above more near-term support at $2.73 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.28 million shares. If that breakout triggers soon, then NEON will set up to re-test or possibly take out its next major overhead resistance levels at 4.09 to around $4.50.

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