Another under-$10 stock that could be ready to breakout and head much higher is Tanzanian Royalty Exploration ( TRX), a mineral resource company with exploration-stage properties that engages in the acquisition of interests in and the exploration of natural resource properties. This is another big time performer so far in 2012 with shares up over 100%. If you take a look at the chart for Tanzanian Royalty Exploration, you'll notice that this stock has uptrended huge after it formed a double bottom back in December at around $2.20 a share. Since forming that bottom, the stock has marched higher consistently making higher lows and higher highs as it ripped towards its current price of just over $4.80 a share. That strong upside move now puts TRX within range of triggering a near-term major breakout trade. Traders should now look for long-biased trades in TRX if this stock can manage to take out some near-term overhead resistance at $4.85 a share with heavy volume. Look for volume on that move that registers near or well above its three-month average volume of 775,213 shares. At last check, volume on Thursday registered over 1.21 million shares and the stock hit a daily high of $4.85 before closing at $4.81. Traders should now watch for a sustained high-volume move and close above $4.85 to signal that this stock wants to trend much higher. If we get that action soon, then look for TRX to trade back towards $6 a share or much higher since there's little overhead resistance between $4.85 and those levels. Keep in mind that the current short interest as a percentage of the float for TRX is 5.6%. The bears have also added to their short positions from the last reporting period by 11.1%, or by about 514,000 shares. The bears could be pressing their bets at the worst time since TRX is so close to triggering a breakout trade. Make sure to keep TRX on your breakout trading radar for the coming days and weeks. To see more hot under-$10 stocks, check out the Stocks Under-$10 Setting Up To Trade Higher portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.