One name in the metal mining complex that's very close to challenging some major breakout levels is Uranium Energy ( UEC), a natural resource exploration company engaged in the exploration of properties in the U.S. This stock is off to a solid start in 2012, with shares up over 12% so far. If you take a look at the chart for Uranium Energy, you'll notice that this stock has been uptrending strong since hit a bottom in October of $2.20 a share. During that uptrend, the stock has been consistently making higher lows and now higher highs. This is very bullish price action and it demonstrates that traders are paying up to own shares because the stock is in high demand. Now UEC is approaching some big breakout levels that if taken out, could lead to big spike higher. Market players should watch UEC for a big breakout trade if the stock can manage to sustain a high-volume move and close above $3.53 and $3.86 a share. Look for volume that's near or above its three-month average action of 420,748 shares. At last check, volume has registered over 506,000 shares today with the stock up 5% to 3.42. This is bullish price action since UEC took out some near-term overhead resistance today at $3.34 to $3.41 a share and the volume is strong. You could be a buyer of UEC off any weakness as long as the stock continues to trend above $3.34 a share or at least its 200-day moving average of $3.20. I would use a mental stop below either of those levels depending on how much risk and room you want to give this stock. I would add to any long positions once UEC takes out $3.53 and then $3.86 with high-volume. If we get that action, target a run back towards $4.50 a share, or possibly much higher. Keep in mind that this stock is heavily shorted with over 15% of its tradable float sold short by the bears. This big short interest could easily ignite a big short-squeeze if UEC triggers a breakout above those levels I mentioned above.