My final idea today that could be ready to trigger a major breakout trade is Rare Element Resources ( REE), which is engaged in the acquisition, exploration and development of mineral properties. This stock is off to a hot start so far in 2012, with shares up over 50%. If you look at the chart for Rare Element Resources, you'll see that this stock has just started to bounce strong off its 50-day moving average of $4.30 a share with decent upside volume. That move is quickly pushing REE within range of taking out its 200-day moving average at $5.04 a share, and then possibly taking out some more overhead resistance levels. If those resistance levels are cleared with decent volume, then REE will trigger a major breakout trade. Traders should now look for long-biased trades in REE once it manages to clear some near-term overhead resistance levels at $5.04 to $5.50 a share with high volume. Look for volume off that move that hits near or above its three-month average action of 462,603 shares. If that breakout triggers soon, then REE will setup to re-test or possibly take out its next major overhead resistance levels at $6 to around $7 a share. One could look to get long REE off weakness, and simply use a stop just below its 50-day moving average of $4.30 a share. You could also just buy off strength once REE clears $5.04 to $5.50 a share with high volume, and then simply use a stop at around its $4.75 to $4.50 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.