Excel Maritime

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Excel Maritime ( EXM) is engaged in providing worldwide sea borne transportation services for drybulk cargo including, among others, iron ore, coal and grain, collectively referred to as major bulks, and steel products, fertilizers, cement, bauxite, sugar and scrap metal. This stock is trading up 7.3% to $0.45 in recent trading.

Today's Range: $0.43-$0.46

52-Week Range: $0.40-$3.30

Volume: 188,000

Three-Month Average Volume: 671,617

From a technical perspective, EXM is popping higher here with light volume. This stock was crushed by the sellers off its March high of $2.29 down to its recent low of 40 cents per share. During the last month, this stock has started to form a bottoming chart pattern at around 40 cents to 41 cents per share.

Traders should now look for long-biased trades in EXM as long as it holds support at 40 cents, and then once it takes out some near-term overhead resistance levels at 49 cents and its 50-day moving average of 58 cents with high volume. Look for a sustained move or close above those levels with volume that hits near or above 671,617 shares. If we get that action soon, then look for EXM to re-test and possibly take out its next major overhead resistance levels at 65 to 74 cents per share.

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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