DELAFIELD, Wis. (Stockpickr) -- There isn't a day that goes by on Wall Street when certain stocks trading for under $10 a share don't experience massive spikes higher. Traders savvy enough to follow the low-priced names and trade them with discipline and sound risk management are banking ridiculous coin on a regular basis.

Just take a look at some of the big movers in the under-$10 complex from last Friday, including Aoxing Pharmaceutical (AXN), which exploded higher by 20%; Bio Blast Pharma (ORPN), which ripped higher by 16%; China New Borun (BORN), which soared by 15%; and Sutor Technology Group (SUTR), which surged to the upside by 9.6%. You don't even have to catch the entire move in lower-priced stocks such as these to make outsized returns when trading.

Low-priced stocks are something that I tweet about on a regular basis. I frequently flag high-probability setups, breakout candidates and low-priced stocks that are acting technically bullish. I like to hunt for low-priced stocks that are showing bullish price and volume trends, since that increases the probability of those stocks heading higher. These setups often produce monster moves higher in very short time frames.

When I trade under-$10 names, I do it almost entirely based off of the charts and technical analysis. I also like to find under-$10 names with a catalyst, but that's secondary to the chart and volume patterns.

With that in mind, here's a look at several under-$10 stocks that look poised to potentially trade higher from current levels.

Sunesis Pharmaceuticals

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One under-$10 biopharmaceutical player that's quickly moving within range of triggering a big breakout trade is Sunesis Pharmaceuticals (SNSS) - Get Report , which focuses on the development and commercialization of oncology therapeutics for the treatment of solid and hematologic cancers. This stock has been hammered by the sellers so far in 2014, with shares down huge by 50%.

If you take a glance at the chart for Sunesis Pharmaceuticals, you'll notice that this stock has been uptrending strong over the last two months, with shares moving higher from its low of $1 a share to its recent high of $2.59 a share. During that uptrend, shares of SNSS have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of SNSS within range of triggering a major breakout trade.

Traders should now look for long-biased trades in SNSS if it manages to break out above some key near-term overhead resistance levels at $2.59 a share to its 50-day moving average of $2.88 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 2.58 million shares. If that breakout triggers soon, then SNSS will set up to re-fill some of its previous gap-down-day zone from October that started around $6.50 a share.

Traders can look to buy SNSS off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $2 a share. One can also buy SNSS 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.

Amarin

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Another under-$10 biopharmaceutical player that's starting to trend within range of triggering a big breakout trade is Amarin (AMRN) - Get Report , which focuses on the development and commercialization therapeutic products for the treatment for cardiovascular diseases in the U.S. This stock has been hit hard by the sellers so far in 2014, with shares off sharply by 34%.

If you take a look at the chart for Amarin, you'll see that this stock has been trending sideways and consolidating over the last few weeks, with shares moving between $1.20 on the downside and $1.38 on the upside. Shares of AMRN have now started to bounce higher off that $1.20 level and it's quickly moving within range of triggering a major breakout trade above the upper-end of its recent sideways trending chart pattern.

Market players should now look for long-biased trades in AMRN if it manages to break out above some key near-term overhead resistance levels at $1.38 to its gap-down-day high from September at $1.50 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 2.60 million shares. If that breakout develops soon, then AMRN will set up to re-fill some of its previous gap-down-day zone that started just above $2 a share.

Traders can look to buy AMRN off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $1.20 a share or near its 50-day at $1.05 a share. One can also buy AMRN off strength once it starts to clear those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Synthetic Biologics

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One under-$10 biotechnology player that's starting to trend within range of triggering a big breakout trade is Synthetic Biologics (SYN) - Get Report which focuses on development of novel anti-infective biologics and drug candidates targeting specific pathogens that cause serious infections and other diseases. This stock has trended to the upside a bit in 2014, with shares up 12.4%.

If you take a glance at the chart for Synthetic Biologics you'll see that this stock recently formed a major bottoming chart pattern over the last two months, with shares finding buying interest each time its pulled back to just below $1.40 a share. Shares of SYN have now started to uptrend over the last few weeks, with shares moving higher off those support levels and with the stock moving back above its 50-day moving average of $1.57 a share. That move is now quickly pushing shares of SYN within range of triggering a major breakout trade above some key overhead resistance levels.

Traders should now look for long-biased trades in SYN if it manages to break out above some near-term overhead resistance levels at $1.80 to $1.83 a share and then $1.86 to its 200-day moving average of $1.93 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average volume of 623,633 shares. If that breakout materializes soon, then SYN will set up to re-test or possibly take out its next major overhead resistance levels at $2.40 to $2.60 a share, or even $2.75 a share.

Traders can look to buy SYN off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at its 50-day moving average of $1.57 to around $1.40 a share. One can also buy SYN off strength once it starts to bust above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

J.C. Penney

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Another under-$10 department store player that's starting to move within range of triggering a near-term breakout trade is J.C. Penney (JCP) - Get Report , which sells merchandise through department stores in the U.S. This stock has been hammered lower over the last three months, with shares down notably by 25%.

If you look at the chart for J.C. Penney, you'll notice that this stock has just recently broken out of its sideways trending chart pattern, with shares moving above the upper-end of that pattern at around $7.84 to $7.87 a share. That breakout is now quickly pushing shares of JCP within range of triggering another big breakout trade above some key near-term overhead resistance levels.

Market players should now look for long-biased trades in JCP if it manages to break out above some key near-term overhead resistance levels at $8.10 a share to its 200-day moving average of $8.68 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 18.81 million shares. If that breakout kicks off soon, then JCP will set up to re-test or possibly take out its next major overhead resistance levels at $10.20 to $11, or even $11.30 a share.

Traders can look to buy JCP off weakness to anticipate that breakout and simply use a stop that sits right below some near-term support just below $7.50 a share. One can also buy JCP 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.

Smith & Wesson

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One final under-$10 gun player that's quickly moving within range of triggering a big breakout trade is Smith & Wesson (SWHC) , which manufactures and sells firearm products in the U.S. and internationally. This stock has been hit hard by the sellers so far in 2014, with shares off sharply by 26%.

If you take a glance at the chart for Smith & Wesson, you'll notice that this stock has been carving out a major bottoming chart pattern over the last two months, with shares finding buying interest each time it has pulled back to around $9.50 to $9 a share. Shares of SWHC have now started to bounce higher off those support levels and it's starting to trend back above its 50-day moving average of $9.77 a share. That move is now quickly pushing shares of SWHC within range of triggering a major breakout trade above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in SWHC if it manages to break out above some near-term overhead resistance levels at $10.15 to $10.86 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action 1.28 million shares. If that breakout triggers soon, then SWHC will set up re-test or possibly take out its next major overhead resistance level at its gap-down-day high from August at $12 a share. Any high-volume move above $12 will then give SWHC a chance to re-fill that gap that started just above $13 a share.

Traders can look to buy SWHC off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $9.43 to its 52-week low of $9.03 a share. One can also buy SWHC 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.

To see more hot under-$10 equities, check out the Stocks Under $10 Setting Up to Explode 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.

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.