One under-$10 name that could be poised for some decent upside from here is oil and natural gas player ATP Oil & Gas ( ATPG). This stock is off to a weak start in 2012 with shares off by around 7%. If you take a look at the chart for ATP Oil & Gas, you'll notice that this stock has been downtrending hard from its recent high of $9.50 to a low of $6.41 a share. That downtrend just pushed this stock back below its 50-day moving average of $7.57 a share. That said, the stock is now trading near some previous support levels at around $6 to $6.23 a share. In fact, yesterday the stock hit $6.41 and bounced a bit, which is bullish since it held above $6. Buyers have consistently support this stock since the start of the year whenever it's pulled back below $7 a share. If that pattern holds up here, then ATPG could be a solid buying opportunity. >>7 Energy Stocks That Investors Have All Wrong Market players should now look for long-biased trades in ATPG if this stock can manage to hold above those previous support levels at $6 to $6.23 a share. If those levels hold, then I would look for confirmation of a near-term bottom once some overhead resistance at $7 a share is taken out with high-volume. Look for volume on a move above $7 that's near or well above its three-month average action of 2.2 million shares. If we get that action, then look for ATPG to bounce past its 50-day with volume and challenge $8 to $9 a share. Those levels are very achievable since each time in the past few months it's traded below $7 it's bounced to $8 or higher once buyers stepped back into this stock. As long as ATPG is trending above $6 with strong upside volume flows, then this stock could be marking a near-term bottom. Any high-volume move below $6 would quickly change that dynamic and make this stock vulnerable for more downside in the near-term.