Another under-$10 name in the communications services complex that's trading within range of a major breakout trade is Leap Wireless ( LEAP), a wireless communications carrier that offers digital wireless services in the U.S. under the Cricket brand. This stock is off to a bearish start in 2012, with shares off by around 33%. If you take a look at the chart for Leap Wireless, you'll notice that this stock gapped down big in April from over $8 to under $6.50 a share on monster volume. Following that gap-down, shares of LEAP continued to trend down and eventually hit a low of $4.68 a share. After hitting that low, shares of LEAP have been trading sideways between $4.68 on the downside and $6.43 on the upside. This stock has just moved back above its 50-day moving average of $5.75 a share, and it's now trading within range of triggering a near-term breakout trade. >>5 Stocks Poised to Pop on Bullish Earnings Traders should now look for long-biased trades in LEAP if it can manage to trigger a breakout above some near-term overhead resistance at $6.43 a share with high volume. Look for a sustained move or close above $6.43 a share with volume that registers near or above its three-month average action of 2,321,360 shares. If we get that action soon, then LEAP has a great chance of re-filing that gap-down from April and tagging its next significant overhead resistance levels at $8.10 to $8.75 a share, or possibly even higher towards $10 a share. If you're bullish on LEAP, then one could buy off weakness and simply use its 50-day moving average of $5.75 or a touch lower as your stop area. If you buy off weakness, then I would add to the position as soon as $6.43 gets taken with volume. You could also just buy off strength and get long once $6.43 is taken out, and simply use a stop around $6.14 to $6 a share, or just use a stop a few percentage points below $6.43 a share. This stock is a favorite target of the short-sellers. The current short interest as a percentage of the float for LEAP is a whopping 20.5%. If we get a strong volume move over $6.43 a share, then a monster short-squeeze could easily get triggered that sends shares of LEAP soaring higher.