3 Biotech Stocks Under $10 to Watch

 DELAFIELD, Wis. (Stockpickr) -- At Stockpickr, we track daily portfolios of stocks that are the biggest percentage gainers and the biggest percentage losers.

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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.

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With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.

CytRx

CytRx (CYTR) operates as a biopharmaceutical research and development company specializing in oncology. This stock closed up 2.4% to $3.41 in Tuesday's trading session.

Tuesday's Range: $3.27-$3.45
52-Week Range: $1.95-$8.35
Tuesdays Volume: 1.07 million
Three-Month Average Volume: 2.35 million

From a technical perspective, CYTR trended higher here with lower-than-average volume. This stock has been uptrending a bit over the last month, with shares moving higher from its low of $2.78 to its recent high of $3.62. During that uptrend, shares of CYTR have been making mostly higher lows and higher highs, which is bullish technical price action. This spike higher on Tuesday is starting to push shares of CYTR within range of triggering a major breakout trade. That trade will hit if CYTR manages to take out some near-term overhead resistance at $3.62 and then once it clears both its 50-day moving average of $3.71 to its 200-day moving average of $3.82 with high volume.

Traders should now look for long-biased trades in CYTR as long as it's trending above Tuesday's low of $3.27 or above $3 and then once it sustains a move or close above those breakout levels volume that hits near or above 2.35 million shares. If that breakout gets started soon, then CYTR will set up to re-test or possibly take out its next major overhead resistance level at $4.64.

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