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 today.
Oncothyreon
Oncothyreon (ONTY) is a clinical-stage biopharmaceutical company that develops and markets synthetic vaccines and small molecules that treat the lives and outcomes of cancer patients. This stock closed up 1.6% to $1.89 in Tuesday's trading session.
Tuesday's Range: $1.84-$1.91
52-Week Range: $1.55-$5.16
Tuesday's Volume: 285,000
Three-Month Average Volume: 804,652
From a technical perspective, ONTY jumped modestly higher here back above its 50-day moving average of $1.87 with lighter-than-average volume. This stock recently formed a triple bottom chart pattern at $1.78, $1.79 and $1.75. Following that bottom, shares of ONTY have started to spike higher and push within range of triggering a near-term breakout trade. That trade will hit if ONTY manages to take out some near-term overhead resistance levels at $1.92 to $1.99 and then $2.16 with high volume.
Traders should now look for long-biased trades in ONTY as long as it's trending above some key near-term support at $1.75 and then once it sustains a move or close above those breakout levels with volume that hits near or above 804,652 shares. If that breakout hits soon, then ONTY will set up to re-test or possibly take out its next major overhead resistance levels at $2.43 to $2.70, or even $2.81. Any high-volume move above $2.81 will then give ONTY a chance to re-fill some of its previous gap down zone from late 2012 that started near $5.
Galena Biopharma
Galena Biopharma (GALE) is a biotechnology company focused on discovering, developing and commercializing innovative therapies addressing major unmet medical needs using targeted biotherapeutics. This stock closed up 4.8% to $2.36 in Tuesday's trading session.
Tuesday's Range: $2.23-$2.39
52-Week Range: $1.23-$3.00
Thursday's Volume: 3.76 million
Three-Month Average Volume: 2.56 million
From a technical perspective, GALE ripped higher here right above its 50-day moving average of $2.18 with above-average volume. This move pushed shares of GALE into breakout territory, since the stock took out some near-term overhead resistance at $2.30. Market players should now look for a continuation move higher in the short-term if GALE can take out some key overhead resistance levels.
Traders should now look for long-biased trades in GALE as long as it's trending above its 50-day at $2.18 or its 200-day at $2.13 and then once it sustains a move or close above Tuesday's high at $2.39 to some more resistance at $2.58 with volume that hits near or above 2.56 million shares. If we get that move soon, then GALE will set up to re-test or possibly take out its next major overhead resistance level at its 52-week high of $3 to $3.54.
To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- 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.
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