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TheStreet Open House

5 Stocks Poised for Breakouts

Stock quotes in this article: MPEL, TRGL, NXTM, TER, TSYS

Toreador Resources

Another stock that's setting up for a big breakout is Toreador Resources (TRGL), an independent energy firm engaged in the exploration and production of crude oil with interests in developed and undeveloped oil properties in the Paris Basin, France. This stock hasn't done much in 2012, with shares off by around 4.8%, but that could be about to change rapidly.

If you take a look at the chart for Toreador Resources, you'll see that this stock has been in a monster uptrend since it found some big buying interest at around the $2.80 level late last year. Since buyers stepped into the stock around that level, shares of TRGL have soared to its current price of just under $5 a share. Now the stock is starting to flirt with a big breakout since shares are moving above some near-term overhead resistance levels.

>>5 Stocks to Trade for Breakout Gains

Traders should watch TRGL for a breakout trade if the stock can manage to take out $4.79 to $4.81 on heavy volume. Look for volume on a move above those levels that registers near or well above its three-month average action of 164,235 shares. At last check, TRGL has hit a high today of $5.03 and volume is already over 315,000 shares.

Market players should look for long-biased trades in TRGL if the stock can manage to sustain a high-volume move and close over $4.79 to $4.81 a share. If we get that action soon, then this stock should re-test its next major overhand resistance at $5.50 a share. If that level is then taken out with volume, look for TRGL to run up towards $6 to $7 a share in the medium-term.

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