My final breakout trade idea today is capital goods player Primo Water ( PRMW), a provider of three- and five-gallon purified bottled water and water dispensers sold through retailers. This stock is off to a nasty start so far in 2012, with shares off by over 45%. If you look at the chart for Primo Water, you'll see that this stock has been absolutely hammered by the bears from its March high of $3.11 to a recent low of $1.08 a share. During that massive slide lower, shares of PRMW have been consistently making lower highs and lower lows, which is bearish price action. That said, shares of PRMW have started to rebound strong off that $1.08 low with the stock pushing back above its 50-day moving average of $1.32 a share with heavy volume. That push above its 50-day has now moved PRMW within range of triggering a major near-term breakout trade. Traders should now look for long-biased traders in PRMW if it can manage to trigger a break out above some near-term overhead resistance at $1.72 to $1.73 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 307,579 shares. If we get that move soon, then PRMW could easily explode back to towards its 200-day moving average of $2.63 a share, or possibly even higher. One could look to buy PRMW off any weakness and simply use a stop right some key near-term support at $1.48 a share. If you buy off weakness, then look at add to PRMW once it takes out $1.72 to $1.73 with volume. You could also just buy off strength once PRMW takes out $1.72 to $1.73 with volume, and simply use the same stop below $1.48 a share. Either trade could also use a stop near its 50-day moving average at $1.32 a share, but that would better suited for buying off weakness. This stock sports a decent short interest as a percentage of its float of 8%. That could mean that PRMW is setting up for a solid short-covering rally if it breaks out soon, since the bears have some big profits to lock in off that recent fall from $3.11 a share. To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.