One more under-$10 stock that's trading within range of triggering a near-term breakout trade is Catalyst Pharmaceutical Partners ( CPRX), which is focused on the development and commercialization of prescription drugs targeting addiction diseases and disorders of the central nervous system with a focus on the treatment of addiction and epilepsy. This stock has been on fire so far in 2012, with shares up sharply by 33%. If you take a look at the chart for Catalyst Pharmaceutical Partners, you'll notice that this stock recently pulled back sharply off its high of $2.27 to a low of $1.40 a share. That pullback included a gap down in price and few daily spikes below its 50-day moving average. Following that low, share of CPRX have started to rebound and uptrend a bit, with shares making lower highs and setting up for higher highs. That move is quickly pushing CPRX within range of triggering a near-term breakout trade. Traders should now look for long-biased trades in CPRX once it manages to break out above some near-term overhead resistance at $1.78 a share with high volume. Look for a sustained move or close above $1.78 a share with volume that hits near or above its three-month average action of 1.3 million shares. If that breakout triggers soon, then CPRX will setup to re-test or possibly take out its next major overhead resistance levels at $2.04 to $2.27 a share. Any high-volume move above $2.27 will put $2.60 to $3 into focus for CPRX. One could look to buy CPRX off weakness to anticipate that breakout, and simply use a stop that sits right around some key near-term support at $1.54 a share. One could also buy off strength once CPRX clears $1.78 with high volume, and then simply use a stop right below its 50-day at $1.59 a share. I would add to either position once CPRX takes out $2.04 to $2.27 with strong upside volume. 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.