Emmis Communications

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Emmis Communications ( EMMS) is a diversified media company, principally focused on radio broadcasting. This stock is trading up 4.6% at $2.25 in recent trading.

Today's Range: $2.11-$2.37

52-Week Range: $0.58-$2.15

Volume: 398,000

Three-Month Average Volume: 371,747

From a technical perspective, EMMS has started to trigger a breakout trade here with the stock moving above some past overhead resistance levels at $2.14 to $2.18 with above average volume. This move is now quickly pushing EMMS within range of an even bigger breakout trade. That breakout will trigger once EMMS takes out its 2010 high of $2.45 with high volume.

Traders should now look for long-biased trades in EMMS as long as it's trending above $2.10 with strong upside volume flows. I would consider any upside volume day that registers near or above 371,747 shares as bullish. If EMMS can sustain that trend, then this stock will have a great chance of re-testing and taking out that 2010 high of $2.45. If that level gets taken out soon, then EMMS could easily trade north of $3 in the near future.

To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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