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 sod risk management are banking ridiculous coin on a regular basis.

Just take a look at some of the monster movers to the upside in the under-$10 complex from Wednesday, including WPCS International (WPCS) , which exploded higher by 96%; Seanergy Maritime (SHIP) - Get Report, which ripped higher by 21.4%; Dex Media (DXM) , which soared sharply higher by 15%; and LightPath Technologies (LPTH) - Get Report, which spiked higher by 15%. 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 timeframes.

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.

NeuroMetrix

Image placeholder title

One under-$10 medical device player that's starting to trend within range of triggering a big breakout trade is NeuroMetrix (NURO) - Get Report, which develops and markets products for the detection, diagnosis, and monitoring of peripheral nerve and spinal cord disorders, such as those associated with carpal tunnel syndrome, lumbosacral disc disease and spinal stenosis, and diabetes. This stock has been smacked lower by the sellers over the last three months, with shares down sharply by 43%.

If you take a glance at the chart for NeuroMetrix, you'll see that this stock has been downtrending badly for the last five months, with shares falling sharply from its high of $1.96 to its new 52-week low of 84 cents per share. During that downtrend, shares of NeuroMetrix have been consistently making lower highs and lower lows, which is bearish technical price action. That said, this stock recently broke its previous lows and flushed to the downside, and now it has started to rebound off that 84 cents low and it's beginning to approach a big breakout trade. That trade will trigger if shares of NeuroMetrix manages to clear a key downtrend line that dates back to May.

Market players should now look for long-biased trades in shares of NeuroMetrix if it manages to break out above that key downtrend line that will start to trigger over $1 to $1.02 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 207,441 shares. If that breakout gets started soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $1.10 to $1.20 a share, or even $1.30 to $1.50 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits just below its new 52-week low of 84 cents per share. One can also buy shares of NeuroMetrix 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.

Caesars Entertainment

Image placeholder title

Another under-$10 stock that's starting to trend within range of triggering a major breakout trade is Caesars Entertainment (CZR) - Get Report, which provides casino-entertainment and hospitality services in the U.S. and internationally. This stock has been smashed lower by the bears over the last six months, with shares down sharply by 60%.

If you take a look at the chart for Caesars Entertainment, you'll notice that this stock is trying to carve out a double bottom chart pattern over the last month and change, since shares have found buying interest at $5.95 and $6.01 a share. That possible bottom is coming after shares of Caesars Entertainment plunged badly from its April high of $12.48 a share to its new 52-week low of $5.95 a share. This stock spiked notably higher on Wednesday right above those support levels with strong upside volume flows. Volume for the day registered 2.42 million shares, which is well above its three-month average action of 1.22 million shares. That spike is now quickly pushing shares of Caesars Entertainment within range of triggering a major breakout trade above a key downtrend line.

Market players should now look for long-biased trades in this stock if it manages to break out above a key downtrend line that will trigger over $6.50 to $6.82 a share and then above more resistance at $7.08 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 1.22 million shares. If that breakout develops soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $7.95 to its 50-day moving average of $8.38 a share. Any high-volume move above those levels will then give Caesars Entertainment a chance to tag $10 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right below those recent double bottom support levels. One can also buy shares of Caesars Entertainment 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.

TechTarget

Image placeholder title

One under-$10 technology player that's starting to trend within range of triggering a near-term breakout trade is TechTarget (TTGT) - Get Report, which provides specialized online content and brand advertising that brings together buyers and sellers of corporate information technology products and services. This stock has been under selling pressure over the last three months, with shares trending to the downside by 21.5%.

If you take a glance at the chart for TechTarget, you'll notice that this stock has been consolidating and trending sideways over the last two months, with shares moving between $8.48 on the downside and right under $10 a share on the upside. This sideways chart pattern has formed after shares of TechTarget collapsed off its March high of $12.63 to its recent low of $8.48 a share. Shares of TechTarget have now started to rip to the upside right above that $8.48 low with strong upside volume flows. That move is now starting to push this stock within range of triggering a near-term breakout trade above the upper-end of its recent sideways trending chart pattern.

Traders should now look for long-biased trades in TechTarget if it manages to break out above some key near-term overhead resistance levels at $9.25 to $9.62 a share and then above $9.78 to around $10 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 113,121 shares. If that breakout takes hold soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels $11 to $11.60 a share, or even $12 to its 52-week high of $12.63 a share.

Traders can look to buy TechTarget off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $8.65 or at $8.48 a share. One can also buy this stock off strength once it starts to trend above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

iCAD

Image placeholder title

Another under-$10 technology player that's starting to trend within range of triggering a big breakout trade is iCAD (ICAD) - Get Report, which provides image analysis, workflow solutions, and radiation therapy for the early identification and treatment of cancer in the U.S. and internationally. This stock has been smoked by the sellers over the last three months, with shares collapsing by 63%.

If you look at the chart for iCAD, you'll notice that this stock has been downtrending badly for the last three months, with shares falling apart off its high of $10.79 a share to its new 52-week low of $3.22 a share. During that downtrend, shares of iCAD have been consistently making lower highs and lower lows, which is bearish technical price action. That move also consisted of a massive gap-down from over $8 to under $4.50 a share with heavy downside volume flows. That said, shares of iCAD ripped to the upside on Wednesday right above its new 52-week low of $3.22 with strong upside volume flows. That move is now starting to push this stock within range of triggering a major breakout trade above a key downtrend line.

Market players should now look for long-biased trades in iCAD if it manages to break out above a key downtrend line that will trigger over $3.70 to $4 a share and then above $4.04 to $4.30 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 volume of 226,113 shares. If that breakout materializes soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $5 to $5.90 a share. Any high-volume move above $5.90 will then give iCAD a chance to re-fill some of its previous gap-down-day zone form May.

Traders can look to buy iCAD off weakness to anticipate that breakout and simply use a stop that sits right below its new 52-week low of $3.22 a share. One can also buy this stock 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.

Xenoport

Image placeholder title

One final under-$10 biopharmaceutical player that's starting to trend within range of triggering a major breakout trade is Xenoport (XNPT) , which focuses on developing and commercializing a portfolio of product candidates for the treatment of neurological and other disorders. This stock has been hit hard by the sellers over the last six months, with shares dropping sharply by 28.3%.

If you take a glance at the chart for Xenoport, you'll see that this stock has been attempting to carve out a major bottoming chart pattern over the last month or so, with shares finding buying interest either around $6 a share or just below that level. Shares of Xenoport ripped to the upside on Wednesday right above those support levels with strong upside volume flows. That move is now quickly starting to push this stock within range of triggering a major breakout trade above a key downtrend line that dates back to March.

Traders should now look for long-biased trades in Xenoport if it manages to clear that downtrend line that will trigger over $6.75 to $6.85 a share and then above $7.20 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 459,329 shares. If that breakout triggers soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $7.60 to $7.72 a share, or even $8.67 to $9 a share.

Traders can look to buy Xenoport off weakness to anticipate that breakout and simply use a stop that sits right below $6 a share. One can also buy this stock off strength once it starts to trend above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.