Coldwater Creek One under-$10 stock that's quickly approaching some major breakout levels is multi-channel specialty retailer Coldwater Creek ( CWTR). The sellers have hammered this stock lower in 2011 with shares off by over 60%. If you take a look at the chart for Coldwater Creek, you'll notice that this stock dropped sharply from its September high of $1.83 to a recent low of $0.81 hit in late November. Following that low print, the stock has started to rebound big and print higher lows and higher highs, which is bullish price action. Now CWTR is approaching a major breakout if the stock can manage to take out some near-term overhead resistance levels with volume. Traders should look for a sustained high-volume move and close above $1.14 to $1.20 a share, either today or in the coming days of weeks. A high-volume move above those levels should set this stock up for a retest of its 200-day moving average of $1.53 a share, or possibly much higher. Shares of CWTR are trending higher today by around 5.6% at $1.12 on heavy volume. Volume has already registered over 1.7 million shares, which is well above its three-month average action of 1.07 million shares. One could be a buyer of this stock off any weakness and anticipate the breakout. I would simply use a mental stop just below its 50-day moving average of $1.02 in case the breakout never hits or fails. One could also buy off strength and get long once the range of $1.14 to $1.21 a share is taken out to the upside with volume. Look for volume on any future breakout that hits close to or above 1.07 million shares.