BioCryst Pharmaceuticals My final stock that's setting up to trigger a near-term breakout trade is biotechnology and drugs player BioCryst Pharmaceuticals ( BCRX). This company designs, optimizes and develops drugs that block enzymes involved in therapeutic areas of interest to the company. This stock is blazing a trail to the upside so far in 2012, with shares up more than 60% If you look at the chart for BioCryst Pharmaceuticals, you'll notice this stock was hammered by the bears from its March high of $5.95 to a recent low of $2.89 a share. During that slide lower, shares of BioCryst have consistently made lower highs and lower lows, which is bearish technical price action. That said, since hitting that low of $2.89, the stock has started to reverse that bearish trend and make higher lows and higher highs. Shares of BioCryst have also started to break out today above some near-term overhead resistance at $3.72 to $3.83 a share with heavy volume. That move is now pushing BCRX within range of trigging another major breakout trade. Traders should now look for long-biased traders in BCRX, if it can manage to trigger a break out above some near-term overhead resistance at $4.25 a share with high volume. Look for a sustained move or close above $4.25 with volume that hits near or above its three-month average action of 283,736 shares. If we get that move soon, then BCRX could easily trade back toward its next significant overhead resistance levels at $5.51 to $5.95 a share. One could look to buy BCRX off weakness and anticipate the breakout with a stop at around $3.75 a share. You could also buy BCRX off strength and get long once it clears $4.25 with high volume. I would simply use a stop at around $3.70 to $3.50, if you buy off strength, in case the breakout fails to hold. It's worth pointing out that volume today is already close to 1 million shares traded, with BCRX up over 7% to $4 a share. This action shows that large traders could already be positioning for a larger move higher in BCRX. To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.