A stock in the food processing complex that's getting close to triggering a near-term breakout is Diamond Foods ( DMND), a packaged food company focused on building, acquiring and energizing brands. This stock is down big in 2011, with shares off by over 43%. If you look at the chart for Diamond Foods, you'll see that this stock has been beaten down from its November high of over $60 a share to a recent low of $26.11. Since printing that low, this stock has started to firm up and print higher lows, which is bullish. Now shares of DMND are approaching a big breakout if it can manage to move above a near-term overhead resistance level. Market players should now watch for a sustained high-volume move and close above $31.13 to trigger a breakout trade. Look for volume on any move above $31.13 that's near or above its three-month average action of 2,172,120 shares. At last check, DMND is trading near $30 and volume is already over 2 million shares. It looks like there's a strong chance that high-volume breakout is going to trigger soon, so put this stock on your trading radar. >>Top-Rated Food Stocks If you like how DMND's chart is shaping up, then one could be a buyer once it sustains a high-volume move and close over $31.13. You could also buy off of weakness and simply set a mental stop below some near-term support at $28 a share. If we do see that breakout trigger with volume, then look for DMND to make a big spike back towards its 50-day moving average of $40.57 a share, or possibly much higher. Keep in mind that DMND is one of the most heavily shorted stocks in the market, with over 40% of its tradable float sold short by the bears. Any move over $31.13 with volume should spark a monster short-squeeze that could spike this stock significantly higher from current levels.