Patriot National Inc fka PN

[Digger 2-0]

4 Stocks Under $10 Making Big Moves Higher
ByRoberto PedoneFollow | 01/15/16 - 07:50 AM EST

Patriot National

Thursday's Range: $5.74-$6.47
52-Week Range: $5.16-$19.32
Thursday's Volume: 984,000
Three-Month Average Volume: 344,325
Patriot National (PN) , together with its subsidiaries, provides various outsourcing solutions within the workers compensation marketplace for insurance companies, employers, local governments and reinsurance captives in the U.S. This stock traded up 3.3% to $6.15 in Thursday's trading session.

From a technical perspective, Patriot National trended notably higher on Thursday with strong upside volume flows. This stock has been downtrending badly over the last month and change, with shares collapsing lower off its high of $15.04 a share to its new 52-week low of $5.16 a share. During that downtrending, shares of Patriot National have been making mostly lower highs and lower lows, which is bearish technical price action. That said, this stock has now started to rip higher off that $5.16 low with strong upside volume flows. This high-volume jump to the upside is now quickly pushing this stock within range of triggering a major breakout trade above some key overhead resistance levels. That trade will trigger if shares of Patriot National manages to clear some near-term overhead resistance levels at its 20-day moving average of $6.46 a share and then above more key resistance at just above $7 a share with high volume.

Traders should now look for long-biased trades in Patriot National as long as it's trending above Thursday's intraday low of $5.74 a share and then once it sustains a move or close above those breakout levels with volume that hits near or above 344,325 shares. If that breakout gets underway soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at around $8 a share or even its recent high of $9.07 a share.

http://www.thestreet.com/story/13425239/4/4-stocks-under-10-making-big-moves-higher.html