One more under-$10 name that looks ready to trigger a big-time breakout trade is EnterMedics ( ETRM), a development-stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity, its associated co-morbidities, and other gastrointestinal disorders. This stock is off to a monster start in 2012, with shares up over 90%. If you take a look at the chart for EnterMedics, you'll notice that this stock has been uptrending strong for the last six months, with shares soaring from a low of $1.64 to a recent high of $3.77 a share. During that monster uptrend, shares of EnterMedics have consistently made higher lows and higher highs, which is bullish technical price action. Whenever you see a pattern like this on any stock, it demonstrates that the bulls are buying up every dip and paying up to own shares. This simply means that the demand far outstrips the supply for the stock. Shares of EnterMedics have now just started to bounce off its 50-day moving average of $3.08 a share and we've even see a monster upside volume spike in the last few days. That move is quickly pushing ETRM within range of triggering a near-term major breakout trade. Traders should now look for long-biased trades in ETRM if it can manage to trigger a near-term breakout trade above $3.36 to $3.50, and then its 52-week high of $3.77 a share with high volume. Look for a sustained move or close above those levels on volume that's near or above its three-month average action of 177,991 shares. If we get that action soon, then ETRM will setup to re-test and possibly take out its next significant overhead resistance level at $4.86 a share. It's even possibly for this stock to hit $7 a share, if $4.86 gets taken out with volume. One could be a buyer of ETRM off weakness to anticipate that breakout, and simply use a stop just below its 50-day moving average of $3.08 a share. If you buy off weakness, then I would add to the position once $3.36 to $3.77 is taken out with volume. You could just also buy off strength and get long above $3.50 to $3.77, and simply use a stop just below $3.36 a share. Keep in mind that ETRM will only have a chance of hitting those upside targets if it maintains a trend above $3.77 with strong upside volume flows. To see more hot under-$10 equities, check out the Stocks Under-$10 Setting Up To Explode portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.