One more under-$10 stock that's trading very close to triggering a near-term breakout trade is Midstates Petroleum ( MPO), which engages in oil and gas exploration and development. This stock is off to a nasty start in 2012, with shares down by over 40% so far. If you take a look at the chart for Midstates Petroleum, you'll notice that this stock recently tag a low at $7.30 a share after it plunged from over $15 a share. Following that low, shares of MPO have started to uptrend to its recent high of $9.23 a share. During that uptrend, shares of MPO have been making some higher lows and some higher highs, which is bullish technical price action. That move has now pushed MPO within range of triggering a near-term breakout trade. Traders should now look for long-biased trades in MPO once it manages to break out above some near-term overhead resistance levels at $9.01 to $9.23 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 269,052 shares. If that breakout triggers soon, then MPO will have a great chance of re-testing or possibly taking out its next significant overhead resistance levels at $11 to $12 a share. One could look to buy MPO as long as it's trending above its 50-day moving average at $8.34 a share with strong upside volume flows. You could also buy off weakness and simply use a stop that sits just below its 50-day around some near-term support at $8.03 a share. One could also buy off strength once MPO clears those breakout levels with volume, and then simply use a stop at around $8.50 a share. To see more hot under-$10 equities, check out the Stocks Under $10 Setting Up to Explode portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.