One stock that's trending very close to triggering a near-term breakout trade is Velti (VELT - Get Report), which is a global provider of mobile marketing and advertising technology and solutions. This stock has been destroyed by the bears during the last six months, with shares off by 74%.
If you take a look at the chart for Velti, you'll notice that this stock has been trending sideways in a consolidation pattern for the last month, with shares moving between $1.80 on the downside and $2.10 on the upside. This consolidation pattern is occurring after shares of VELT gapped down in mid-March from over $3 to around $2 a share. Shares of VELT are now starting to move within range of triggering a near-term breakout trade above the upper-end of its recent sideways chart pattern.
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