Trading stocks that trigger major breakouts can lead to massive profits. Once a stock trends to a new high or takes out a prior overhead resistance point, then it's free to find new buyers and momentum players who can ultimately push the stock significantly higher.

Breakout candidates are something that I tweet about on a daily basis. I frequently tweet out high-probability setups, breakout plays and stocks that are acting technically bullish. These are the stocks that often go on to make monster moves to the upside. What's great about breakout trading is that you focus on trend, price and volume. You don't have to concern yourself with anything else. The charts do all the talking.

Trading breakouts is not a new game on Wall Street. This strategy has been mastered by legendary traders such as William O'Neal, Stan Weinstein and Nicolas Darvas. These pros know that once a stock starts to break out above past resistance levels and hold above those breakout prices, then it can easily trend significantly higher.

With that in mind, here's a look at five stocks that are setting up to break out and possibly trade higher from current levels.

ContraVir Pharmaceuticals

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One biopharmaceutical player that's starting to spike within range of triggering a big breakout trade is ContraVir Pharmaceuticals (CTRV) , which focused on the discovery and development of targeted antiviral therapies. This stock has been annihilated by the sellers over the last six months, with shares plunging sharply lower by 77.7%.

If you take a look at the chart for ContraVir Pharmaceuticals, you'll notice that this stock has been uptrending a bit over the last few weeks, with shares moving higher off its new 52-week low of 76 cents per share to its recent high of $1.41 a share. During that move, shares of ContraVir Pharmaceuticals have been making mostly higher lows and some higher highs, which is moderately bullish technical price action. This stock spiked higher on Thursday right above some near-term support at 82 cents per share with slightly above-average volume. That move is now quickly pushing this stock within range of triggering a big breakout trade above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in ContraVir Pharmaceuticals if it manages to break out above some key near-term overhead resistance levels at $1.10 to $1.15 a share and then above its 20-day moving average of $1.16 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 252,715 shares. If that breakout fires off soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $1.25 to $1.41, or even its 50-day moving average of $1.56 to $1.67 a share.

Traders can look to buy ContraVir Pharmaceuticals off weakness to anticipate that breakout and simply use a stop that sits right below some near-term support levels at 86 or at 82 cents per share. One can also buy this stock off strength once it starts to take out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Alliance Resource Partners

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A basic materials player that's quickly trending within range of triggering a near-term breakout trade is Alliance Resource Partners (ARLP) - Get Report , which produces and markets coal primarily to utilities and industrial users in the U.S. This stock has been smashed lower by the bears over the last six months, with shares off sharply by 42.1%.

If you take a glance at the chart for Alliance Resource Partners, you'll notice that this stock has been uptrending strong over the last few weeks with strong upside volume, after shares ripped higher off its new 52-week low of $10.02 to its intraday high on Thursday of $14.18 a share. During that uptrend, this stock has been consistently making higher lows and higher highs, which is bullish technical price action. This high-volume trend to the upside is now quickly pushing shares of Alliance Resource Partners within range of triggering a near-term breakout trade above some key overhead resistance levels.

Traders should now look for long-biased trades in Alliance Resource Partners if it manages to break out above its 50-day moving average of $14.42 a share and then above some key overhead resistance at $14.50 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 398,423 shares. If that breakout develops soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $16 to $17, or even $18 to $20 a share.

Traders can look to buy Alliance Resource Partners off weakness to anticipate that breakout and simply use a stop that sits right below some near-term support at $13 a share or around its 20-day moving average of $12.67 a share. One could also buy this stock off strength once it starts to move back above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Goldman Sachs Group

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Another financial player that's starting to spike within range of triggering a near-term breakout trade is Goldman Sachs Group (GS) - Get Report , which operates as an investment banking, securities and investment management company worldwide. This stock has been acting weak over the last six months, with shares off notably by 23.6%.

If you take a glance at the chart for Goldman Sachs Group, you'll see that this stock has been downtrending badly over the last three months, with shares falling off its high of $199.22 to its new 52-week low of $151.22 a share. During that downtrend, this stock has been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of Goldman Sachs Group have now started to stabilize over the last few weeks, with shares moving sideways between $151.22 on the downside and $158.76 on the upside. This stock spiked notably higher on Thursday with strong upside volume flows. Volume for that day registered 4.29 million shares, which is well above its three-month average action of 3.48 million shares. This high-volume spike is now quickly pushing shares of Goldman Sachs Group within range of triggering a near-term breakout trade above the upper-end of its recent consolidative chart pattern.

Traders should now look for long-biased trades in Goldman Sachs Group if it manages to break out above some key near-term overhead resistance levels at $158.43 to $158.76 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 3.48 million shares. If that breakout fires off soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at its 20-day moving average of $162.74 to around $170, or even its 50-day moving average of $176.29 a share.

Traders can look to buy Goldman Sachs Group off weakness to anticipate that breakout and simply use a stop that sits right below Thursday's intraday low of $152.53 a share or below its new 52-week low of $151.12 a share. One can also buy this stock off strength once it starts to clear those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Idera Pharmaceuticals

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Another biotechnology player that's starting to spike within range of triggering a big breakout trade is Idera Pharmaceuticals (IDRA) - Get Report , which focuses on the discovery, development and commercialization of novel therapeutics for oncology and rare diseases in the U.S. This stock has been under heavy selling pressure over the last six months, with shares moving sharply lower by 49.8%.

If you take a glance at the chart for Idera Pharmaceuticals, you'll notice that this stock has been downtrending badly over the last two months, with shares falling lower off its high of $4.42 to its new 52-week low of $1.50 a share. During that downtrend, this stock has been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of Idera Pharmaceuticals have now started to rebound off that $1.50 low, and it ripped to the upside on Thursday with strong upside volume flows. Volume for that day registered over 1.70 million shares, which is well above its three-month average action of 1.47 million shares. This high-volume rip to the upside is now quickly pushing this stock within range of triggering a big breakout above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in Idera Pharmaceuticals if it manages to break out above some near-term overhead resistance levels at $1.90 to $2 a share and then above more resistance areas at $2.20 to its 20-day moving average of $2.26 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 1.47 million shares. If that breakout develops soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $2.75 to its 50-day moving average of $3.02 a share.

Traders can look to buy Idera Pharmaceuticals off weakness to anticipate that breakout and simply use a stop that sits just below some key near-term support levels at $1.63 a share or at its new 52-week low of $1.50 a share. One can also buy this stock off strength once it starts to bust above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

TTM Technologies

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My final breakout trading idea is technology player TTM Technologies (TTMI) - Get Report , which provides various printed circuit board products and backplane assemblies worldwide. This stock has been smashed lower by the bears over the last six months, with shares down large by 40.9%.

If you look at the chart for TTM Technologies, you'll notice that this stock has been uptrending a bit over the last few weeks, with shares moving higher off its new 52-week low of $4.84 to its recent high of $5.63 a share. During that uptrend, this stock has been making mostly higher lows and higher highs, which is bullish technical price action. Shares of TTM Technologies trended modestly higher on Thursday right above some near-term support at $5.25 a share with strong upside volume flows. Volume for that day registered 1.02 million shares, which is well above its three-month average action of 468,319 shares. This high-volume trend to the upside is now quickly pushing this stock within range of triggering a big breakout above some key near-term overhead resistance levels.

Traders should now look for long-biased trades in TTM Technologies if it manages to break out above its 20-day moving average of $5.62 to $5.63 a share and then above some more resistance at $5.75 a share with volume that hits near or above its three-month average action of 468,319 shares. If that breakout kicks off soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $6 to $6.50, or even its 50-day moving average of $6.57 to $6.89 a share.

Traders can look to buy shares of TTM Technologies off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $5.25 a share or around its new 52-week low of $4.84 a share. One can also buy this stock off strength once it starts to trend above those breakout levels with volume and then simply use a stop that sits a conformable percentage from your entry point.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.