Another under-$10 stock in the oil and gas complex that's moving within range of triggering a near-term breakout trade is Forest Oil (FST - Get Report), an independent oil and gas player engaged in the acquisition, exploration, development and production of oil, natural gas and natural gas liquids in North America. This stock has been smashed by the bears so far in 2012, with shares down by over 40%.
If you take a look at the chart for Forest Oil, you'll notice that this stock has been uptrending strong off its recent low of $5.68 a share hit in mid-July to its current price of around $8 a share. During that uptrend, shares of FST have been consistently making higher lows and higher highs, which is bullish technical price action. That move has quickly pushed FST within range of triggering a near-term breakout trade.