An under-$10 name in the fabricated products complex that's trading very close to triggering am major breakout is Shengkai Innovations ( VALV), which engages in designing, manufacturing, and distributing ceramic valves and components for industrial use in the People's Republic of China. This stock hasn't done much so far in 2012, with shares up just 7.1%. If you take a look at the chart for Shengkai Innovations, you'll see that this stock has been downtrending since it tagged a recent high of $2.89 back in February. During that move lower, shares of Shengkai Innovations have been consistently making lower highs and lower lows, which is bearish technical price action. That said, this stock has now started to find some big-time buying interest over the past few weeks at around $1.04 to $1.13 a share. The bulls have also just pushed VALV within range of trigging a major breakout trade. >>5 Rocket Stocks Worth Buying Market players should now look for long-biased trades in VALV if it can manage to break out above some near-term overhead resistance levels at $1.41 (its 50-day) to $1.45 a share with high-volume. Look for a sustained move or close above those levels on volume that's near or well above its three-month average action of 411,238 shares. Volume on Thursday registered 1.59 million shares as VALV closed up 8% to $1.34 a share. That huge volume could be a prelude to a much bigger move in the future for VALV. If that breakout does trigger soon, then VALV could easily hit its next significant overhead resistance levels at $2.04 to $2.20 (its 200-day) a share very quickly. Traders could get long VALV off of weakness and simply use a stop around some near-term support at $1.20 to $1.13 a share. Personally, I would rather buy the breakout as long as it comes with heavy volume. This stock clearly is garnering some interest here due to the big volume spikes, so keep it on your breakout trading radar.