A stock in the oil and gas complex that's within range of a major breakout trade is Bonanza Creek Energy ( BCEI), an oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the U.S. This stock is off to a monster start in 2012, with shares up over 70%. If you look at the chart for Bonanza Creek Energy, you'll notice that this stock has been uptrending strong for the past few months, with shares moving from $12.39 to its current price of around $21.50 a share. During that uptrend, shares of BCEI have been consistently making higher lows and higher highs, which is bullish price action. That move has now pushed BCEI within range of triggering a near-term breakout trade. Market players should now look for long biased trades in BCEI if this stock can manage to take out some overhead resistance at $22.25 with high-volume. Look for a sustained high-volume move and close above that level that's near or well above its three-month average action of 276,252 shares. If we get that action soon, then this stock has a great chance of tagging $25 a share or higher. Keep in mind, that a move over $22.25 will mean BCEI is trading at a new all-time high, which is technically bullish price action. Traders should consider getting long this stock as long as it's trending above $22.25 with strong upside volume flows. I would consider it even more bullish if BCEI can start to close over that key breakout level with high-volume. Some near-term support can be found at around $20.33 in case you're looking for an area to watch if the stock pulls back before breaking out. I would avoid long trades in BCEI if the breakout never hits or if it moves back below $20.33 with volume. To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.