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5 Stocks Poised for Breakouts

Stocks in this article: SPWR OPTR QCOR EZCH IRWD RKUS

Optimer Pharmaceuticals

One name that's starting to trend within range of triggering a major breakout trade is Optimer Pharmaceuticals ( OPTR), a biopharmaceutical company engaged in the development and commercialization of pharmaceutical products in the U.S. and Canada. This stock has been on fire so far in 2013, with shares up sharply by 72%.

If you take a look at the chart for Optimer Pharmaceuticals, you'll notice that this stock has been uptrending strong for the last few weeks, with shares trending higher from its low of $12.86 to its intraday high of $15.73 a share. During that uptrend, shares of OPTR have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of OPTR within range of triggering a major breakout trade.

>>3 Big Stocks on Traders' Radars

Traders should now look for long-biased trades in OPTR if it manages to break out above some near-term overhead resistance levels at $16 to its 52-week high at $16.80 a share and then once it takes out its three-year high at $17.95 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 volume of 904,125 shares. If that breakout triggers soon, then OPTR will set up to enter new 52-week- and three-year-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $20 to $25 a share.

Traders can look to buy OPTR off any weakness to anticipate that breakout and simply use a stop that sits somewhere just below its 50-day at $14.65 a share. One could also buy OPTR off strength once it takes out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

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