Stocks that are making large moves like these are favorites among short-term traders because they can jump into these names and try to capture some of that massive volatility. Stocks that are making big-percentage moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst such as a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst downgrade.
Regardless of the reason behind it, when a stock makes a large-percentage move, it is often just the start of a new major trend -- a trend that can lead to huge profits. If you time your trade correctly, combining technical indicators with fundamental trends, discipline and sound money management, you will be well on your way to investment success.
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.
Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners (CPRX) operates as development-stage specialty pharmaceutical company. This stock closed up 8.6% to $2.40 in Thursday's trading session.
Thursday's Range: $2.27-$2.51
52-Week Range: $0.45-$3.65
Thursday's Volume: 7.47 million
Three-Month Average Volume: 901,429
From a technical perspective, CPRX ripped higher here with monster upside volume. This move briefly pushed shares of CPRX into breakout territory, after the stock flirted with some near-term overhead resistance at $2.49. Shares of CPRX hit an intraday high on Thursday of $2.51 before closing just below that level at $2.40. Market players should now look for a continuation move higher in the short-term if CPRX manages to take out Thursday's high of $2.51 with strong volume.
Traders should now look for long-biased trades in CPRX as long as it's trending above its 50-day at $2.11 and then once it sustains a move or close above $2.51 with volume that hits near or above 901,429 shares. If we get that move soon, then CPRX will set up to re-test or possibly take out its next major overhead resistance levels at $2.87 to $3. Any high-volume move above those levels will then give CPRX a chance to re-test its 52-week high at $3.65.
Astrotech (ASTC) operates as a commercial aerospace company in the U.S. This stock closed up 5.4% to $2.70 in Thursday's trading session.
Thursday's Range: $2.45-$2.75
52-Week Range: $0.61-$4.05
Thursday's Volume: 242,000
Three-Month Average Volume: 344,347
From a technical perspective, ASTC jumped sharply higher here right above some near-term support at $2.55 with lighter-than-average volume. This move is starting to push shares of ASTC within range of triggering a near-term breakout trade. That trade will hit if ASTC manages to take out its 50-day moving average of $2.74 and then once it clears more near-term overhead resistance levels at $2.92 to $2.98 with high volume.
Traders should now look for long-biased trades in ASTC as long as it's trending above support at $2.55 and then once it sustains a move or close above those breakout levels with volume that hits near or above 344,347 shares. If that breakout triggers soon, then ASTC will set up to re-test or possibly take out its next major overhead resistance levels at $3.25 to $3.45. Any high-volume move above those levels will then give ASTC a chance to tag $4.
Prana Biotechnology (PRAN) researches and develops therapeutic drugs for the treatment of neurological disorders in Australia. This stock closed up 4.7% to $2.42 a share in Thursday's trading session.
Thursday's Range: $2.31-$2.47
52-Week Range: $2.12-$13.29
Thursday's Volume: 4.03 million
Three-Month Average Volume: 2.79 million
From a technical perspective, PRAN spiked sharply higher here right off its recent low of $2.27 with above-average volume. This stock recently gapped down sharply from over $10 to under $3 with heavy downside volume. Shares of PRAN continued to slide lower after that gap down with the stock tagging $2.27. That move has now pushed shares of PRAN into oversold territory, since its current relative strength index reading is 19.75. Oversold can always get more oversold, but it's also an area where a stock can make a powerful bounce higher from.
Traders should now look for long-biased trades in PRAN as long as it's trending above its recent low of $2.27 and then once it sustains a move or close above Thursday's high of $2.47 with volume that hits near or above 2.79 million shares. If we get that move soon, then PRAN will set up to re-test or possibly take out its next major overhead resistance levels at $2.70 to its gap-down-day high of $3.24.
To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.