One under-$10 stock in the grocery store complex that's trading very close to triggering a near-term breakout trade is Supervalu ( SVU), which, together with its subsidiaries, operates retail and wholesale food stores in the U.S. This stock has been crushed by the sellers so far in 2012, with shares down by a whopping 70%. Shares of SVU are spiking notably higher today by 7% to $2.20 after the company said its review of strategic alternatives is proceeding and that it is in talks with several parties. >>5 Stocks With Big Insider Buying If you take a look at the chart for Supervalu, you'll notice that this stock recently failed at its 50-day moving average and then went on to print a new low of $1.80 a share. Following that low, shares of SVU have started to rebound with heavier volume as it now approaches its 50-day again at $2.28 a share. That bounce is quickly pushing SVU within range of triggering a near-term breakout trade that could push the stock back into a previous gap down zone. Traders should now look for long-biased trades in SVU once it manages to break out above some near-term overhead resistance at $2.28 to $2.62 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 5.1 million shares. If that breakout triggers soon, then SVU will have a great chance of re-testing or possibly taking out its gap down day high from July near $3.50 a share. Any high-volume move above $3.50 will then give SVU a chance to fill some of its gap that started at around $5.30 a share. Traders can look to buy SVU off weakness long as its trending within range of its 50-day at $2.28 a share with strong upside volume flows. I would add to any long positions once SVU clears $2.58 to $2.62 a share with volume, and then add again above $3.50 a share. I would use a stop that sits just below today's low of $2.09 a share.