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.
Tuesday's Range: $2.81-$3.00
52-Week Range: $0.61-$3.32
Tuesday's Volume: 240,000
Three-Month Average Volume: 548,473
From a technical perspective, ASTC ripped sharply higher here right above some near-term support at $2.70 with lighter-than-average volume. This stock has been trending sideways and consolidating for the last month, with shares moving between $2.65 on the downside and $3.32 on the upside. Shares of ASTC are now quickly moving within range of triggering a major breakout trade above the upper-end of its recent sideways trading chart pattern. That trade will hit if ASTC manages to take out Tuesdays high of $3.01 to $3.25 and then once it clears its 52-week high at $3.32 with high volume.
Traders should now look for long-biased trades in ASTC as long as it's trending above some key near-term support levels at $2.70 to $2.65 and then once it sustains a move or close above those breakout levels with volume that hits near or above 548,473 shares. If that breakout hits soon, then ASTC will set up to enter new 52-week-high territory above $3.32, which is bullish technical price action. Some possible upside targets off that breakout are $4 to $4.50.
NanoViricides (NNVC) - Get Report is a nano-biopharmaceutical company, discovers, develops, and commercializes therapeutics for the treatment of viral infections. This stock closed up 6.1% to $5.39 a share in Tuesday's trading session.
Tuesday's Range: $5.00-$5.40
52-Week Range: $1.12-$7.59
Tuesday's Volume: 255,000
Three-Month Average Volume: 150,463
From a technical perspective, NNVC trended sharply higher here right off its 50-day moving average of $5.06 with above-average volume. This stock has been consolidating and moving sideways for the last three months and change, with shares moving between $4.52 on the downside and $5.74 on the upside. Shares of NNVC are now quickly moving within range of triggering a major breakout trade above the upper-end of its recent sideways trading chart pattern. That trade will hit if NNVC manages to take out some key overhead resistance levels at $5.50 to $5.74 with high volume.
Traders should now look for long-biased trades in NNVC as long as it's trending its 50-day at $5.06 or above more support at $4.85 and then once it sustains a move or close above those breakout levels with volume that hits near or above 150,463 shares. If that breakout hits soon, then NNVC will set up to re-test or possibly take out its next major overhead resistance levels $6.50 to its 52-week high at $7.59.
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.