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 sod risk management are banking ridiculous coin on a regular basis.

Just take a look at some of the large movers to the upside in the under-$10 complex from Wednesday, including Great Basin Scientific (GBSN) , which exploded by 37.1%; Fusion Telecommunications (FSNN) , which soared by 29.3%; Lucas Energy (LEI) , which ripped up by 24.1%; and Midstates Petroleum (MPO - Get Report) , which soared by 22.5%. 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 stocks, I do it almost entirely based off of the charts and technical analysis. I also like to find under-$10 stocks 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.

Calithera Biosciences


One under-$10 clinical-stage biopharmaceutical player that's quickly moving within range of triggering big breakout trade is Calithera Biosciences  (CALA - Get Report) , which focuses on discovering and developing small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer in the U.S. This stock has been under selling pressure over the last six months, with shares off by 27.7%.

If you take a glance at the chart for Calithera Biosciences, you'll notice that this stock has been uptrending strong over the last two months, with shares ripping higher off its low of $4.31 to its recent highs above $8 a share. During that uptrend, shares of Calithera Biosciences have been making mostly higher lows and higher highs, which is bullish technical price action. This stock ripped higher on Wednesday right off its 20-day moving average of $7.28 a share. That move is now quickly pushing this stock 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 shares of Calithera Biosciences as it breaks out above near-term overhead resistance around $8 a share with high volume (as it is doing this morning). Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 395,132 shares. If that breakout fires off soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $9 to $10.60, or even its 200-day moving average of $10.96 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right under its 20-day moving average of $7.28 a share or around more near-term support at $6.88 a share. One can also buy shares of Calithera Biosciences 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.

Lion Biotechnologies


Another under-$10 stock that's starting to move within range of triggering a big breakout trade is Lion Biotechnologies  (LBIO) , which focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. This stock has been hammered lower by the sellers over the last six months, with shares down sharply by 44.6%.

If you take a look at the chart for Lion Biotechnologies, you'll notice that this stock ripped sharply higher on Wednesday right off its 20-day moving average of $6.20 a share and back above its 50-day moving average of $6.61 a share with decent upside volume flows. This strong trend higher is now quickly pushing shares of Lion Biotechnologies 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 Lion Biotechnologies if it manages to break out above some key near-term overhead resistance levels at $6.72 to $7 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 437,965 shares. If that breakout hits soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $8.40 to its 200-day moving average of $9.14 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right around some key near-term support levels at $6 to $5.75 a share. One can also buy shares of Lion Biotechnologies 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.

Synergy Pharmaceuticals

One under-$10 biopharmaceutical player that's starting to trend within range of triggering a major breakout trade is Synergy Pharmaceuticals  (SGYP - Get Report) , which focuses on the development of drugs to treat gastrointestinal disorders and diseases. This stock has been exploding higher over the last six months, with shares up sharply by 72.9%.

If you take a glance at the chart for Synergy Pharmaceuticals, you'll notice that this stock has been downtrending badly over the last four months, with shares sliding sharply lower off its high of $10.15 to its recent low of $5.08 a share. During that downtrend, shares of Synergy Pharmaceuticals have been consistently making lower highs and lower lows, which is bearish technical price action. That said, this stock has now formed a higher low over the last month and it ripped higher on Wednesday back above its 20-day moving average of $6.11 a share with decent upside volume flows. This recent price action could be signaling a trend change is in store for shares of Synergy Pharmaceuticals, and this stock is now quickly moving within range of triggering a major breakout trade above a key downtrend line that dates back to July.

Traders should now look for long-biased trades in Synergy Pharmaceuticals if it manages to break out above a key downtrend line that will trigger over its 50-day moving average of $6.54 and then above more resistance at $6.61 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 2.82 million shares. If that breakout develops soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $7.72 to $7.93, or even $8.50 to $9 a share.

Traders can look to buy this stock off weakness to anticipate that breakout and simply use a stop that sits right around some near-term support levels at $5.50 or its 200-day moving average of $5.48 a share. One can also buy shares of Synergy Pharmaceuticals 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.


Genocea Biosciences

Another under-$10 biopharmaceutical player that's starting to spike within range of triggering a big breakout trade is Genocea Biosciences  (GNCA) , which discovers and develops novel vaccines and immunotherapies to treat infectious diseases. This stock has been destroyed by the sellers over the last six months, with shares down huge by 60%.

If you look at the chart for Genocea Biosciences, you'll notice that this stock has been downtrending badly over the last four months, with shares collapsing off its high of $16.18 to its new 52-week low of $4.27 a share. During that downtrend, shares of Genocea Biosciences have been consistently making lower highs and lower lows, which is bearish technical price action. This stock also gapped down recently from around $7.60 to under $5 a share with heavy downside volume flows. That said, this stock has now started to rebound off that $4.27 low with strong upside volume flows, and that move is now quickly pushing this stock 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 Genocea Biosciences if it manages to break out above some near-term overhead resistance levels at $4.75 to $5 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 364,735 shares. If that breakout triggers soon, then this stock will set up to re-test or possibly take out its next major overhead resistance level at its gap-down-day high of $5.66 a share. Any high-volume move above that level will then give shares of Genocea Biosciences a chance to tag its 20-day moving average of $5.93 to possibly $7 a share.

Traders can look to buy Genocea Biosciences off weakness to anticipate that breakout and simply use a stop that sits right below its new 52-week low of $4.27 a share. One can also buy this stock off strength once it starts to bust above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.


Harmoinc


One final under-$10 stock that's starting to spike within range of triggering a big breakout trade is Harmonic  (HLIT - Get Report) , which designs, manufactures and sells video infrastructure products and system solutions worldwide. This stock has been smacked lower by the sellers over the last six months, with shares off notably by 21.4%.

If you take a glance at the chart for Harmonic, you'll notice that this stock ripped sharply higher on Wednesday right above some key near-term support levels at $5.46 to $5.40 a share with strong upside volume flows. Volume for that trading session registered over 814,000 shares, which is well above its three-month average action of 412,232 a share. That high-volume move to the upside is now quickly pushing shares of Harmonic within range of triggering a big breakout trade above a key downtrend line.

Traders should now look for long-biased trades in Harmonic if it manages to break out above a key downtrend line that will trigger over some near-term resistance levels at $6.12 to $6.31 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 412,232 shares. If that breakout materializes soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $6.60 to its 200-day moving average of $6.78, or $7 to $7.50 a share.

Traders can look to buy shares of Harmonic off weakness to anticipate that breakout and simply use a stop that sits right around some key near-term support levels at $5.46 to $5.40 a share. One can also buy this stock 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.

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