One stock that's trending very close to triggering a major breakout trade is Savient Pharmaceuticals ( SVNT), a specialty biopharmaceutical company focused on developing and commercializing Krystexxa for the treatment of chronic gout. This stock has been hammered by the sellers so far in 2012, with shares down by over 60%. If you take a look at the chart for Savient Pharmaceuticals, you'll notice that this stock stopped trending higher in April and formed a double top at $2.41 to $2.42 a share. Following that top, shares of SVNT plunged all the way down to its recent low of 50 cents per share. During that slide lower, shares of SVNT were making lower highs and lower lows, which is bearish technical price action. That said, the stock then went on to form a double bottom at 50 cents per share, and it has now started to trend up and making higher lows. That change in trend is quickly pushing SVNT within range of triggering a major breakout trade. Traders should now look for long-biased traders in SVNT once it manages to trigger a breakout trade above some near-term overhead resistance levels at 83 cents per share, and then 89 to 90 cents per 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 1,689,300 shares. If that breakout triggers soon, then SVNT could easily explode higher and trend back towards its 200-day moving average of $1.79 a share. >>3 Biotech Stocks Under $10 Surging Higher One could look to buy SVNT off any weakness to anticipate the breakout, and simply use a stop that sits just below its 50-day moving average of 65 cents per share, or down around 58 cents per share. One could also just buy off strength once SVNT clears 83 cents, and then add above 90 cents, and simply use a stop just below 74 cents or around the 50-day at 65 cents. One of reasons this stock has the potential to explode higher if it breaks out soon is because it sports a monster short interest. The current short interest as a percentage of the float for SVNT is a whopping 37.1%. With a current float of around 50 million shares, that means that 29.11 million shares are sold short by the bears.