Boingo Wireless Another stock that's trading within range of a big breakout is technology player Boingo Wireless ( WIFI). This company's solution includes software for Wi-Fi-enabled devices, such as smartphones, laptops and tablet computers, and its back-end system infrastructure that detects and enables one-click access to its global Wi-Fi network. This stock is off to a strong start in 2012, with shares up over 30%. If you take a look at the chart for Boingo Wireless, you'll notice that this stock recently bounced right off its 200-day moving average of near $9 a share, and then subsequently broke back above its 50-day moving average of around $10.30 a share. That move has now pushed shares of Boingo Wireless within range of triggering a near-term breakout trade. That trade will hit once WIFI takes out some overhead resistance levels that have kept this stock down for the last two months and change. Market players should now look for long-biased traders in WIFI if it can manage to trigger a near-term breakout above some overhead resistance at $11.50 to $11.62 a share with high volume. Look for a sustained move or close above those levels with volume that hits close to or above its three-month average action of 148,761 shares. If we get that action soon, then WIFI could easily re-test and possibly take out its March high of $13.25 a share. This breakout would be a powerful one, since WIFI has failed to get above those levels for a few months now. One could buy WIFI off weakness to anticipate the breakout with a stop that's set just below some near-term support at $10.89, or just below its 50-day moving average of $10.34 a share. A better way to play WIFI is to buy off strength, once it takes out $11.50 to $11.62 a share with heavy volume. I would simply use a stop around $11, if you buy off strength.