One under-$10 stock in the biotechnology and drugs complex that's trading very close to triggering a near-term breakout trade is TrovaGene (TROV - Get Report), a development stage molecular diagnostic company focused on developing and marketing urine-based nucleic acid tests for patient/disease screening and monitoring in the U.S. This stock has been smacked by the sellers so far in 2012, with shares down by over 25%.
If you take a look at the chart for TrovaGene, you'll notice that this stock formed a double-bottom chart pattern back in late August at around $2.11 to $2.09 a share. Following that bottom, shares of TROV have started to soar and move within range of triggering a near-term breakout trade. The recent spike which has pushed the stock above $2.70 a share has also moved TROV within range of taking out its 200-day moving average of $2.86 a share.