Another stock that's trading within range of a major breakout trade is Pandora Media ( P), which provides Internet radio services in the U.S. As of Jan. 31, it had over 125 million registered users. This stock is off to a decent start in 2012 with shares up over 20%. If you take a look at the chart for Pandora Media, you'll notice that this stock plunged from its March high of $15.25 to a recent low of $7.83 a share. During that move lower, shares of Pandora have consistently made lower highs and lower lows, which is bearish technical price action. That said, this stock has completely changed its trend after recently breaking out above $9 a share. Shares of Pandora are now trading within range of triggering a big breakout trade. Market players should now look for long-biased traders in P if it can manage to trigger a near-term breakout trade above some past overhead resistance at $11.60 with high volume. Look for a sustained move or close above that level on volume that registers close to or well above its three-month average volume of 3.2 million shares. If we get that action soon, then P could start to fill a big gap-down from late March that started at over $14 a share. That's big potential upside from current levels since P is trading at around $10.50 a share. If you buy this stock off of weakness and anticipate that breakout, then I would simply use a stop just below its 50-day moving average of $9.62 a share. You can also just buy off of strength and get long once $11.60 is taken out with strong volume and then simply use a stop a few percentage points below $11.60. I also included Pandora on my list of stocks that could see some big action off of Facebook's IPO today.