One oil and gas operations player that insiders are doing some large buying in is Resolute Energy (REN - Get Report). This company is engaged develops oil and gas properties located in Utah, Wyoming, North Dakota and Texas. Insiders are buying this stock into some notable weakness here since shares are off by 16% so far in 2012.Resolute Energy has a market cap of $531 million. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 12.68 and a forward price-to-earnings of 27.12. Its estimated growth rate for this year is -52.2%, and for next year it's pegged at 50%. This is far from a cash-rich company, since the total cash position on its balance sheet is $687,000 and its total debt is $188 million. A beneficial owner just bought 557,000 shares, or around $4.77 million worth of stock, at $8.41 to $8.62 per share. From a technical perspective, REN is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock has been downtrending badly for the past three months, with shares dropping from a high of $12.12 to a recent low of $8.09 a share. During that fall, shares of REN have consistently made lower highs and lower lows, which is bearish technical price action. That said, the stock just formed a near-term double bottom after buyers stepped in around $8.09 to $8.12 a share. If you're bullish on REN, I would now be looking for long-biased trades if this stock manages to trigger a near-term breakout above some resistance at $8.73-to-$8.88 a share with high volume. Look for volume on that move that's near or above its three-month average action of 709,000 shares. If we get that move, then REN can easily hit its 50-day moving average of $9.84 a share and possibly tag its 200-day at $11.42 a share. At last check, REN has started to move above those levels today since shares have hit an intraday high of $9 a share. Traders should now look for REN to maintain a trend above $8.73 to $8.88 with strong upside volume flows. On the flipside, I would avoid this stock or look for short-biased trades if the breakout doesn't hold, and then it takes out those support levels at $8.09 to $8.12 a share with heavy volume.