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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Stocks Showing Major Breakouts

Dendreon

One name that's quickly moving within range of triggering a near-term breakout trade is Dendreon (DNDN), which is a biotechnology company focused on the discovery, development and commercialization of novel therapeutics that improve cancer treatment options for patients. This stock is blazing a trail to the upside so far in 2013, with shares up 28%.

If you look at the chart for Dendreon, you'll notice that this stock has been uptrending very strong for the last three months, with shares soaring from its low of $3.69 to its recent high of $6.89 a share. During that uptrend, shares of DNDN have been consistently making higher lows and higher highs, which is bullish technical price action. Shares of DNDN have recently pulled back and started to bounce off its 200-day moving average of $5.89 a share. That move is now starting to push DNDN within range of triggering a near-term breakout trade.

Market players should now look for long-biased trades in DNDN once it manages to break out above some key overhead resistance at $6.89 to $7.20 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 5,723,710 shares. If that breakout triggers soon, then DNDN will set up to re-test or possibly take its next major overhead resistance level at $7.94 a share. Any high-volume move above $7.94 will then put $9 to $10 into range for shares of DNDN.

Traders can look to buy DNDN off any weakness to anticipate that breakout and simply use a stop that sits right around its 200-day at $5.89 a share. One can also buy DNDN off strength once it clears those breakout levels with volume and then use a stop that sits near $6.25 a share.

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