Triangle Petroleum One under-$10 name in the oil and gas complex that's trading within range of a major breakout trade is Triangle Petroleum ( TPLM). This is an oil and gas exploration and development company focused primarily on resource properties consisting mainly of unconventional oil and gas reserves. This stock is down about 9% so far in 2012. If you take a look at the chart for Triangle Petroleum, you'll notice that the bears hammered this stock during the last three months, with shares plunging from a high of $8.26 to a recent low of $4.63 a share. During that massive slide lower, shares of Triangle Petroleum have mostly made lower highs and lower lows, which is bearish technical price action. That said, this stock just put in a near-term double bottom at $4.68 to $4.63 a share. Shares of TPLM are also now trending very close to triggering a major breakout trade. Market players should now look for long-biased trades in TPLM if it can manage to trigger a breakout above its 50-day at $5.79 and its 200-day at $5.91, and then above some near-term overhead resistance at $5.95 a share with high-volume. Look for a sustained move or close above those levels on volume that hits near or well above its three-month average action of 485,105 shares. If we get that action soon, then TPLM could easily trend up toward its next significant overhead resistance levels at $6.89 to $7.60 a share. If you buy TPLM off weakness, then I would simply use a stop at around today's low of $5.25 a share. I would rather play this name off strength though on a move above both its 50-day and 200-day moving averages with volume. At last check, TPLM has hit an intraday high today of $5.65 on volume of over 250,000 shares. Some of that strength today is due to a research report from Wunderlich Securities, which gave the stock a buy rating an $8 price target.