Another stock that's trending within range of triggering a major breakout trade is ExOne (XONE - Get Report), which develops, manufactures and markets printing machines that produce 3D printed parts and related consumables. This stock is off to a hot start in 2013, with shares up 19%.
If you take a look at the chart for ExOne, you'll see that this stock has been uptrending extremely strong for the last month and change, with shares soaring higher from its low of $24.13 to its intraday high of $32.30 a share. During that uptrend, shares of XONE have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of XONE within range of triggering a major breakout trade.
Market players should now look for long-biased trades in XONE if it manages to break out above its all-time high of $33.60 a share with high volume. Look for a sustained move or close above $33.60 a share with volume that hits near or above its three-month average volume of 917,637 shares. If that breakout triggers soon, then XONE will set up to enter new all-time high territory, which is bullish technical price action. Some possible upside targets off that move are $40 to $45 a share.Traders can look to buy XONE off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support areas at $30 to $29.23 a share. One could also buy off strength once XONE clears $33.60 a share with volume and then simply use a stop that sits a few percentage points below your entry point. This stock has explosive breakout potential since the short-sellers are leaning all over it. The current short interest as a percentage of the float for XONE is very high at 19.6%. That high short interest could fuel a big move, so make sure to put XONE on your breakout trading radar.