Another under-$10 stock that looks ready to trigger a major breakout trade is Memsic ( MEMS), which provides advanced semiconductor sensor and system solutions based on integrated micro electro-mechanical systems, technology and mixed signal circuit design. This stock has been hit hard by the sellers so far in 2012, with shares down by over 30%. >>5 Toxic Tech Stocks to Sell Now If you take a look at the chart for Memsic, you'll notice that this stock has been downtrending badly for the last three months, with shares dropping from a high of $2.65 to a recent low of $1.48 a share. During that sharp move lower, shares of MEMS have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of MEMS have now started to uptrend and reverse that bearish downtrend during the last few weeks. That move is quickly pushing MEMS within range of triggering a near-term breakout trade. Traders should now look for long-biased trades in MEMS once it manages to break out above some near-term overhead resistance levels at $1.78 to $1.82 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 volume of 162,109 shares. If that breakout triggers soon, then MEMS could explode to the upside and re-test or possibly take out its next major resistance levels at $2.31 to $2.65 a share. Any high-volume move above those levels will setup MEMS to potentially take out its 200-day at $2.78 and trend up towards $3.50 a share. Traders can look to buy MEMS as long as it's trending above its 50-day moving average of $1.76 with strong upside volume flows. I would add to any long positions once MEMS takes out $2.31 to $2.78 a share with high volume.