DELAFIELD, Wis. (Stockpickr) --  There isn't a day that goes by on Wall Street when certain stocks trading for $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 large movers in the under-$10 complex from Wednesday, including Great Basin Scientific  (GBSN, which ripped higher by 40.6%; Gevo  (GEVO, which ran big to the upside by 38.5%; Eurasian Minerals  (EMXX, which soared higher by 36%; and Zhone Technologies  (ZHNE, which stormed higher by 23.5%. 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.

With that in mind, here's a look at several under-$10 stocks that look poised to potentially trade higher from current levels.

Ohr Pharmaceutical


One under-$10 pharmaceutical stock that's starting to trend within range of triggering a big breakout trade is Ohr Pharmaceutical  (OHRP, which focuses on the development of novel therapeutics and delivery technologies for the treatment of ocular disease. This stock has been slammed lower by the bears over the last three months, with shares down huge by 65%.

If you take a glance at the chart for Ohr Pharmaceutical, you'll see that this stock gapped down sharply lower in March from around $9 a share to under $3 a share with heavy downside volume flows. Following that move, shares of OHRP went on to print a new 52-week low of $2.48 a share. Shares of OHRP have now started to trend sideways and consolidate between that $2.48 low and its recent high of $3 a share. Any high-volume move above the upper-end of its recent sideways trading chat pattern could triggering a big breakout trade for shares of OHRP.

Market players should now look for long-biased trades in OHRP if it manages to break out above some near-term overhead resistance levels at $2.81 to $3 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action 906,340 shares. If that breakout kicks off soon, then OHRP will set up to re-fill some of its previous gap-down-day zone that stated at $9 a share.

Traders can look to buy OHRP off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $2.61 to its new 52-week low of $2.48 a share. One can also buy OHRP off strength once it starts to crack above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Castlight Health

An under-$10 tech stock that's quickly trending within range of triggering a near-term breakout trade is Castlight Health  (CSLT - Get Report), which provides cloud-based software in the U.S. This stock has been driven lower by the sellers over the last six months, with shares down sharply by 28.3%.

If you take a look at the chart for Castlight Health, you'll notice that this stock gapped higher on Wednesday back above its 50-day moving average of $7.84 a share with strong upside volume flows. Volume on the day registered over 1.66 million shares, which is well above its three-month average action of 742,437 shares. This sharp pop higher is now quickly pushing shares of CSLT within range of triggering a near-term breakout trade above some key overhead resistance levels.

Market players should now look for long-biased trades in CSLT if it manages to break out above Wednesday's intraday high of $8 and then above more near-term overhead resistance at $8.18 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 742,437 shares. If that breakout materializes soon, then CSLT will set up to re-test or possibly take out its next major overhead resistance levels at $8.50 to $9.41 a share, or even $10 to $11 a share.

Traders can look to buy CSLT off weakness to anticipate that breakout and simply use a stop that sits right below some near-term support levels at around $7.50 to $7.31 a share. One can also buy CSLT 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.

SkyPeople Fruit Juice

An under-$10 beverages player that's starting to move within range of triggering a big breakout trade is SkyPeople Fruit Juice  (SPU, which produces and sells fruit juice concentrates, fruit beverages and other fruit-related products in the People's Republic of China and internationally. This stock has been trending hot over the last six months, with shares moving to the upside by 20.7%.

If you take a glance at the chart for SkyPeople Fruit Juice, you'll notice that this stock has been uptrending strong over the last five months, with shares moving higher from its low of 92 cents per share to its recent high of $1.34 a share. During that uptrend, shares of SPU have been making mostly higher lows and higher highs, which is bullish technical price action. Shares of SPU spiked higher on Wednesday right off its 50-day moving average of $1.17 with decent upside volume flows. That spike is now starting to push shares of SPU within range of triggering a big breakout trade.

Traders should now look for long-biased trades in SPU if it manages to break out above some near-term overhead resistance levels at $1.25 to $1.34 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 56,077 shares. If that breakout gets started soon, then SPU will set up to re-test or possibly take out its next major overhead resistance levels at $1.64 to $1.80 a share, or even $2 a share.

Traders can look to buy SPU off weakness to anticipate that breakout and simply use a stop that sits right around some near-term support at $1.16 a share or near its 200-day moving average of $1.13 a share. One can also buy SPU 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.

Cleveland BioLabs


Another under-$10 biotechnology player that's starting to trend within range of triggering a near-term breakout trade is Cleveland BioLabs  (CBLI - Get Report), which focuses on developing pharmaceuticals designed to address diseases with unmet medical need. This stock has been smacked lower by the bears over the last six months, with shares plunging sharply lower by 65.9%.

If you look at the chart for Cleveland BioLabs, you'll see that this stock bounced modestly higher on Wednesday right around some previous support from February at $3.07 a share with strong upside volume flows. Volume on the day registered 230,000 shares, which is well above its three-month average action of 62,665 a shares. This move is now potentially setting up shares of CBLI for a bottom bounce trade if it can manage to clear some near-term overhead resistance levels.

Market players should now look for long-biased trades in CBLI if it manages to break out above some near-term overhead resistance levels at $3.25 to $3.30 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 62,665 shares. If that breakout triggers soon, then CBLI will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $3.51 to $3.85 a share, or even $4.20 a share.

Traders can look to buy CBLI off weakness to anticipate that breakout and simply use a stop that sits right below its new 52-week low tagged on Wednesday at $3.05 a share. One can also buy CBLI 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.

CVSL

One final under-$10 stock that's starting to trend within range of triggering a major breakout trade is CVSL  (CVSL, which engages in direct-selling business in the U.S. and internationally. This stock has been destroyed by the bears over the six months, with shares off huge by 81.8%.

If you take a glance at the chart for CVSL, you'll see that this stock has been downtrending for the last two months, with shares moving lower from its high near $2.69 to its recent low of $1.92 a share. That downtrend has taken hold after shares of CVSL recently gapped down sharply lower from over $4.50 a share to under $2.50 a share with heavy downside volume. Shares of CVSL have now started to spike higher right around some previous support at $1.93 with strong upside volume flows. This spike is beginning to push shares of CVSL within range of triggering a big breakout trade above a key downtrend line.

Traders should now look for long-biased trades in CVSL if it manages to clear a key downtrend line that will trigger over some near-term overhead resistance levels at $2.34 to $2.39 a share and then above $2.50 to $2.69 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 141,256 shares. If that breakout hits soon, then CVSL will set up to re-fill some of its previous gap-down-day zone from February that started near $5 a share.

Traders can look to buy CVSL off weakness to anticipate that breakout and simply use a stop that sits a few percentage points below its new 52-week low of $1.92 a share. One can also buy CVSL 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.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.