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 big movers to the upside in the under-$10 complex from Wednesday, including Sequential Brands Group(SQBG) - Get Report , which ripped higher by 32.9%; DraftDay Fantasy Sports (DDAY) , which soared by 25.4%; Encana(ECA) - Get Report ,which spiked up by 22.9%; and Chesapeake Energy(CHK) - Get Report , which jumped by 22.1%. 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 stocks, I do it almost entirely based off of the charts and technical analysis. I also like to find under-$10 stocks 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.

ConforMIS

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One under-$10 stock that's starting to trend within range of triggering a big breakout trade is ConforMIS(CFMS) - Get Report , which develops, manufactures and sells customized joint replacement implants. This stock has been hammered by the bears last six months, with shares off large by 55.5%.

If you take a glance at the chart for ConforMIS, you'll notice that this stock has been downtrending badly over the last three months, with shares collapsing off its high of $22.60 to its new 52-week low of $7.55 a share. During that downtrend, this stock has been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of ConforMIS have now started to rebound off that $7.55 low and it's now quickly moving within range of triggering a big breakout trade above some key overhead resistance levels.

Market players should now look for long-biased trades in shares of ConforMIS if it manages to break out above some near-term overhead resistance levels at $8.98 to $9.22 a share and then above its 20-day moving average of $9.35 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 440,213 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 around $10 to $11, or even $12 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right below some near-term support at $8 a share or around its new 52-week low of $7.55 a share. One can also buy shares of ConforMIS 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.

DavidsTea

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Another under-$10 stock that's starting to move within range of triggering a near-term breakout trade is DavidsTea(DTEA) - Get Report , which provides a selection of loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts and accessories in Canada and the U.S. This stock has been smacked lower by the bears over the last six months, with shares off sharply by 24.3%.

If you take a look at the chart for DavidsTea, you'll notice that this stock has attempted to carve out a double bottom chart pattern over the last few weeks, with shares finding some buying interest at $8.88 to $8.90 a share. Following that potential bottom, this stock has now started to trend higher and move back above its 20-day moving average with decent upside volume flows. This trend is now quickly pushing shares of DavidsTea within range of triggering a near-term breakout trade above some key overhead resistance levels.

Market players should now look for long-biased trades in DavidsTea if it manages to break out above some near-term overhead resistance levels at $10 to $10.13 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 101,410 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 at its 50-day moving average of $10.65 to $11.50, or even $12 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right below its 20-day moving average of $9.33 a share or near those recent double bottom support levels. One can also buy shares of DavidsTea 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.

Peabody Energy

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One under-$10 basic stock that's starting to spike within range of triggering a major breakout trade is Peabody Energy(BTU) - Get Report , which offers mining of coal. This stock has been annihilated by the bears over the last six months, with shares plunging lower by 90.2%.

If you take a glance at the chart for Peabody Energy, you'll notice that this stock has been downtrending badly over the last five months, with shares collapsing off its high of $28 to its new 52-week low of $2.01 a share. During that downtrend, this stock has been making mostly lower highs and lower lows, which is bearish technical price action. That said, shares of Peabody Energy ripped higher on Wednesday right above $2 low with decent upside volume flows. Volume for that trading session registered over 1.6 million shares, which is just above its three-month average action of 1.33 million shares. This high-volume spike is now quickly pushing this stock within range of triggering a major breakout trade above some key overhead resistance levels.

Traders should now look for long-biased trades in Peabody Energy if it manages to break out above some key near-term overhead resistance levels at $2.34 to just above $2.60 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 1.33 million shares. If that breakout fires off soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $3 to its 20-day moving average of $3.27, or even $4 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right below its new 52-week low of $2.01 a share. One can also buy shares of Peabody Energy 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.

Affimed

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Another under-$10 stock that's starting to rip within range of triggering a big breakout trade is Affimed (AFMD) - Get Report , which focuses on discovering and developing cancer immunotherapies. This stock has been destroyed by the sellers over the last six months, with shares dropping huge by 66.6%.

If you look at the chart for Affimed N.V., you'll notice that this stock ripped sharply higher on Wednesday and managed to close back above its 20-day moving average of $3.21 a share with lighter-than-average volume. This light volume rip to the upside is now quickly pushing shares of Affimed N.V. within range of triggering a big breakout trade above some key near-term overhead resistance levels.

Market players should now look for long-biased trades in Affimed N.V. if it manages to break out above some near-term overhead resistance levels at $3.40 to $3.44 a share and then above more key resistance levels at $3.60 to $3.75 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 383,562 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 around $4 to its 50-day moving average of $4.74, or possibly even $5 a share.

Traders can look to buy Affimed N.V. off weakness to anticipate that breakout and simply use a stop that sits right below Wednesday's intraday low of $2.90 a share or around its new 52-week low of $2.76 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.

Corindus Vascular Robotics

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One final under-$10 stock that's starting to move within range of triggering a big breakout trade is Corindus Vascular Robotics(CVRS) - Get Report , which provides designs, manufactures and sells precision vascular robotic-assisted systems for use in interventional vascular procedures. This stock has been under heavy selling pressure over the last six months, with shares off large by 58%.

If you take a glance at the chart for Corindus Vascular Robotics, you'll notice that this stock has been downtrending badly over the last three months, with shares collapsing off its high of $3.50 to its new 52-week low of $1.20 a share that was tagged on Wednesday. During this collapse, this stock has been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of Corindus Vascular Robotics spiked notably higher on Wednesday with above-average volume. Volume for that trading session registered over 220,000 shares, which is well above its three-month average action of 130,311 a share. This high-volume rebound is now quickly pushing this stock within range of triggering a big breakout trade above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in Corindus Vascular Robotics if it manages to break out above some near-term overhead resistance levels at $1.46 to $1.56 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 130,311 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 its 20-day moving average of $1.68 to around $1.80, or even $2 a share.

Traders can look to buy shares of Corindus Vascular Robotics off weakness to anticipate that move and simply use a stop that sits right below its new 52-week low of $1.20 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.

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