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.
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.
Friday's Range: $2.11-$2.17
52-Week Range: $0.45-$3.65
Friday's Volume: 439,000
Three-Month Average Volume: 925,993
From a technical perspective, CPRX bounced modestly higher here right above its 50-day moving average of $2.05 with lighter-than-average volume. This move is starting to push shares of CPRX within range of triggering a major breakout trade. That trade will hit once CPRX manages to take out Friday's high of $2.17 to some more near-term overhead resistance at $2.39.
Traders should now look for long-biased trades in CPRX as long as it's trending above its 50-day at $2.05 or above more near-term support at $1.97 and then once it sustains a move or close above those breakout levels with volume that hits near or above 925,993 shares. If we get that breakout soon, then CPRX will set up to re-fill some of its previous gap-down-day zone from October that started near $2.80.
Oncolytics Biotech(ONCY) - Get Report a development stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancers. This stock closed up 3.6% to $1.70 in Thursday's trading session.
Friday's Range: $1.61-$1.75
52-Week Range: $1.45-$3.50
Thursday's Volume: 402,000
Three-Month Average Volume: 480,092
From a technical perspective, ONCY spiked higher here back above its 50-day moving average of $1.67 with decent upside volume. This spike is starting to push shares of ONCY within range of triggering a near-term breakout trade. That trade will hit if ONCY manages to take out Friday's high of $1.75 to some more near-term overhead resistance at $1.80 with high volume.
Traders should now look for long-biased trades in ONCY as long as it's trending above some near-term levels at $1.63 or at $1.60 and then once sustains a move or close above those breakout levels with volume that hits near or above 480,092 shares. If that breakout hits soon, then ONCY will set up to re-test or possibly take out its next major overhead resistance levels at $1.92 to $2. Any high-volume move or close above those levels 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.
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.
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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 CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.