Another under-$10 name that's trading very close to triggering a near-term breakout trade is NovaCopper ( NCQ), a base metals exploration company focused on exploring and developing the Ambler mining district. This stock has been hammered by the bears so far in 2012, with shares down by over 35%. >>5 Stocks Ready to Get Squeezed Higher If you take a look at the chart for NovaCopper, you'll notice that this stock was stuck in a nasty downtrend from its May high of $4.76 to its recent low in mid-August at $1.65 a share. During that downtrend, shares of NCQ were consistently making lower highs and lower lows, which is bearish technical price action. That said, the stock suddenly perked up in late August and skyrocketed from around $1.75 to a high of $2.92 a share with monster upside volume. Shares of NCQ have now pulled back again and started to bounce off its 50-day moving average of $2.02 a share. That bounce is now pushing NCQ within range of triggering a near-term breakout trade. Market players should look for long-biased trades in NCQ if it can manage to trigger a break out above some near-term overhead resistance levels at $2.44 to $2.92 a share with high volume. Look for a sustained move or close above those levels with volume that tracks in close to or near its three-month average action of 254,356 shares. If that breakout triggers soon, then NCQ will have a great chance of re-testing or possibly taking out its next major overhead resistance level at $3.45 a share. Traders can look to get long NCQ off weakness, and simply use a stop that sits just below some major near-term support levels at $2.13 to $2.02 a share. One could buy NCQ once it takes out $2.44 with volume, and then simply use a stop just below $2.20 a share. I would add to either position once NCQ clears $2.92 with heavy upside volume.