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TheStreet Open House

5 Breakout Stocks Under $10 Set to Soar

MobileIron

Another stock that's starting to trend within range of triggering a near-term breakout trade is MobileIron (MOBL) , which develops and provides an information technology platform for enterprises to secure and manage mobile applications, content, and devices. This stock is off to a bearish start in 2014, with shares off by 16.5%.

If you take a look at the chart for MobileIron, you'll notice that this stock recently formed a double bottom chart pattern at $8.20 to $8.30 a share. Following that bottom, shares of MOBL have started to spike higher and the stock broke out above some near-term overhead resistance at $9.07 a share. That move is quickly pushing shares of MOBL within range of triggering a much bigger breakout trade above some key near-term overhead resistance.

Market players should now look for long-biased trades is MOBL if it manages to break out above some near-term overhead resistance at $9.60 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 638,624 shares. If that breakout triggers soon, then MOBL will set up to re-test or possibly take out its next major overhead resistance levels at $11.11 to its all-time high at $11.74 a share.

Traders can look to buy MOBL off weakness to anticipate that breakout and simply use a stop that sits right around those double bottom support levels at $8.30 to $8.20 a share. One can also buy MOBL off strength once it starts to take out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Read More: 10 Stocks Carl Icahn Loves in 2014

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