Another stock that's moving within range of triggering a big breakout trade is Tesla Motors ( TSLA), which designs, develops, manufactures and sells electric vehicles and electric vehicle powertrain components, including the Tesla Roadster, an electric sports car. This stock is off to a decent start in 2012 with shares up around 16%. If you take a look at the chart for Tesla Motors, you'll see that this stock formed a double-bottom chart pattern a few months ago at $26.83 to $27.11 a share. After marking that bottom, shares of TSLA have started to uptrend strong hitting a recent high of $34.50 a share. During that uptrend, shares of TSLA have been making mostly higher lows and higher highs, which is bullish technical price action. This stock has also started to move into breakout territory, since it's cleared some near-term overhead resistance at $32.80 a share. That move is now pushing TSLA within range of an even bigger breakout trade. >>5 Big Stocks Ready to Slingshot Higher Market players should now look for long-biased traders in TSLA if this stock can manage to trigger a bigger breakout trade above some overhead resistance levels at $34.50 to $34.68 a share, and then above $35.75 a share with high-volume. Look for a sustained move or close above those levels with volume that's near or above its three-month average action of 1.2 million shares. If we get that action soon, then TSLA will have a great chance of re-testing and possibly taking out its recent highs of $38.47 to $39.95 a share. One could buy TSLA off weakness to anticipate that breakout and simply use a stop just below the recent breakout level of $32.80 a share. If you buy off weakness, then I would add once TSLA clears those breakout levels mentioned above with high-volume. A higher probability trade would be to buy off strength once TSLA triggers that breakout, and then simply use a stop a few percentage points below $34.50 a share. This stock is a favorite among the short-sellers. The current short interest as a percentage of the float for TSLA is a whopping 48.6%. This stock has some gigantic short-squeeze potential off any high-volume breakout. With that many shorts, TSLA could see some monster spikes higher if the stock can manage to clear some of those overhead resistance levels.