An under-$10 stock in the broadcasting and cable TV complex that looks poised for significant upside is Emmis Communications ( EMMS), a diversified media company principally focused on radio broadcasting. This stock is off to a monster start in 2012, with shares up over 110%. If you take a look at the chart for Emmis Communications, you'll notice that this stock triggered a major breakout recently once it moved above some past overhead resistance at 90 cents to $1 a share with massive volume. That breakout sparked a huge spike higher in EMMS to its recent high of $1.72 a share. Since hitting that high, EMMS has pulled back to $1.16 a share and subsequently started to spike higher again towards its current price of around $1.40 a share. That move is pushing EMMS within range of triggering another big breakout trade. >>5 Rocket Stocks to Buy This Week Market players should now look for long-biased trades in EMMS if it can manage to trigger a break out trade above some near-term overhead resistance at $1.56 to $1.72 a share with high-volume. Look for volume on a sustained move or close above those levels that register near or well above its three-month average action of 242,903 shares. If that breakout triggers soon, then EMMS can easily make a move at its next significant overhead resistance levels at $2.20 to $2.45 a share. If you're bullish on EMMS, then one could anticipate the breakout and look to buy this stock off any noticeable weakness. I would use a stop at around $1.30 to $1.16 a share in case that breakout never triggers and the stock sells off more in the near-term. The bottom line, this stock is still within its uptrend, so if that breakout triggers soon I expect to see much more upside.