DELAFIELD, Wis. (Stockpickr) -- There isn't a day that goes by on Wall Street when certain stocks trading for under $10 a share don't experience massive spikes higher. Traders savvy enough to follow the low-priced names and trade them with discipline and sound risk management are banking ridiculous coin on a regular basis.

Just take a look at some of the big movers in the under-$10 complex from Thursday, including BIND Therapeutics  (BIND , which exploded higher by 37%; Epirus Biopharmaceuticals  (EPRS , which ripped higher by 36%; BioLife Solutions  (BLFS , which soared higher by 33%; and GenVec  (GNVC , which surged to the upside by 25%. You don't even have to catch the entire move in lower-priced stocks such as these to make outsized returns when trading.

Low-priced stocks are something that I tweet about on a regular basis. I frequently flag high-probability setups, breakout candidates and low-priced stocks that are acting technically bullish. I like to hunt for low-priced stocks that are showing bullish price and volume trends, since that increases the probability of those stocks heading higher. These setups often produce monster moves higher in very short time frames.

When I trade under-$10 names, I do it almost entirely based off of the charts and technical analysis. I also like to find under-$10 names with a catalyst, but that's secondary to the chart and volume patterns.

AcelRx Pharmaceuticals

One under-$10 development stage pharmaceutical player that's starting to trend within range of triggering a near-term breakout trade is AcelRx Pharmaceuticals  (ACRX - Get Report) , which focuses on the development and commercialization of therapies for the treatment of acute and breakthrough pain. This stock has been working for the bulls over the last three months, with shares trending higher by 22%.

If you take a glance at the chart for AcelRx Pharmaceuticals, you'll notice that this stock has been trending sideways and consolidating for the last month and change, with shares moving between $5.82 on the downside and $7.20 on the upside. Shares of ACRX broke out of that consolidating base on Thursday after the stock took hit an intraday high of $7.32 a share. Shares of ACRX are now quickly approaching a near-term breakout trade above some key overhead resistance levels.

Traders should now look for long-biased trades in ACRX if it manages to break out above Thursday's intraday high of $7.32 a share and then once it clears more key overhead resistance at $7.46 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 470,244 shares. If that breakout triggers soon, then ACRX will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $8.16 a share to $8.25 a share. Any high-volume move above $8.25 will then give ACRX a chance to re-fill some of its previous gap-down-day zone from last July that started above $10.50 a share.

Traders can look to buy ACRX off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $6.61 a share to its 50-day moving average of $6.59 a share. One can also buy ACRX off strength once it starts to clear those those breakouts levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Northern Oil and Gas

Another under-$10 independent energy player that's starting to move within range of triggering a big breakout trade is Northern Oil and Gas  (NOG - Get Report) , which is engaged in the acquisition, exploration, development, and production of oil and natural gas properties in the U.S. This stock has been destroyed by the sellers over the last three months, with shares down sharply by 56%.

If you take a look at the chart for Northern Oil and Gas, you'll notice that this stock ripped higher on Thursday right above some near-term support at $5.16 a share with heavy upside volume flows. Volume on this move registered over 3 million shares, which is well above its three-month average action of 2.23 million shares. That move is now quickly pushing shares of NOG within range of triggering a big breakout trade above some key near-term overhead resistance levels.

Market players should now look for long-biased trades in NOG if it manages to break out above Thursday's intraday high of $5.90 a share and then once it clears more resistance levels at $6.48 to around $6.80 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 2.23 million shares. If that breakout kicks off soon, then NOG will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $8.36 to $10 a share.

Traders can look to buy NOG off weakness to anticipate that breakout and simply use a stop that sits right around some key near-term support levels at $5.16 or at its new 52-week low of $4.79 a share. One can also buy NOG off strength once it starts to take out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Callon Petroleum

One under-$10 energy player that's starting to trend within range of triggering a big breakout trade is Callon Petroleum  (CPE - Get Report) which is engaged in the acquisition, exploration, development, and production of oil and gas properties in the Permian Basin in West Texas. This stock has been hit hard by the bears over the last six months, with shares dropping sharply by 55%.

If you take a glance at the chart for Callon Petroleum you'll see that this stock spiked higher on Thursday right above some near-term support at $4.82 a share. That spike is coming after shares of CPE recently formed a major bottoming chart pattern at around $4.10 to $4.20 a share. Shares of CPE are now starting to trend within range of triggering a big breakout trade above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in CPE if it manages to break out above some near-term overhead resistance levels at its 50-day moving average of $5.54 a share and then once it takes out more key overhead resistance levels at $5.72 to $5.86 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 2.15 million shares. If that breakout materializes soon, then CPE will set up to re-test or possibly take out its next major overhead resistance levels at $6.97 to its 200-day moving average of $8.55 a share.

Traders can look to buy CPE off weakness to anticipate that breakout and simply use a stop that sits right below some near-term support at $4.82 a share or down near that major bottom around $4.10 a share. One can also buy CPE off strength once it starts to trend above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

PhotoMedex

Another under-$10 healthcare player that's quickly moving within range of triggering a major breakout trade is PhotoMedex  (PHMD , which provides integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, and consumers in North America, the Asia Pacific, Europe, and South America. This stock has been absolutely annihilated over the last six months, with shares plunging lower by 86%.

If you look at the chart for PhotoMedex, you'll see that this stock has been uptrending strong over the last month, with shares moving higher from its new 52-week low of $1.01 to its intraday high of $1.85 a share. During that uptrend, shares of PHMD have been making mostly higher lows and higher highs, which is bullish technical price action. That uptrend is coming after shares of PHMD crashed from last August at $9.50 to its new 52-week low hit in mid-December at $1.01 a share. Shares of PHMD briefly broke out on Thursday after the stock flirted with some near-term overhead resistance at $1.68 a share. That move is now quickly pushing shares of PHMD within range of triggering a much bigger breakout trade above some key near-term overhead resistance levels.

Market players should now look for long-biased trades in PHMD if it manages to break out above Thursday's intraday high of $1.85 a share and then above more near-term overhead resistance levels at $1.96 to its 50-day moving average of $2.06 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 372,086 shares. If that breakout develops soon, then PHMD will set up to re-test or possibly take out its next major overhead resistance levels at $2.72 to $3.17 a share.

Traders can look to buy PHMD off weakness to anticipate that breakout and simply use a stop that sits right around some near-term support at $1.35 a share. One can also buy PHMD off strength once it starts to take out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Niska Gas Storage Partners

One final under-$10 gas utility player that's starting to move within range of triggering a big breakout trade is Niska Gas Storage Partners  (NKA , which operates natural gas storage assets in North America. This stock has been annihilated by the bears over the last six months, with shares plunging lower by 76%.

If you take a glance at the chart for Niska Gas Storage Partners, you'll see that this stock recently formed a double bottom chart pattern at $2.71 to $2.95 a share. Following that bottom, shares of NKA have now started to spike sharply higher to its current level of just under $4 a share. That spike and recent double bottom are coming after shares of NKA plunged off its last September high of $13.40 a share to its new 52-week low hit in mid-December at $2.71 a share. This stock is now quickly starting to trend within range of triggering a big breakout trade above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in NKA if it manages to break out above some near-term overhead resistance levels at $3.95 to $4.25 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action 339,598 shares. If that breakout gets started soon, then NKA will set up re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $4.66 a share to around $5 a share, or even $6 a share.

Traders can look to buy NKA off weakness to anticipate that breakout and simply use a stop that sits right around some key near-term support levels at $3.39 a share or at $2.95 a share. One can also buy NKA off strength once it starts to clear those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

-- Written by Roberto Pedone in Delafield, Wis.

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

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.