One stock that's trading within range of triggering a major breakout trade is ArQule ( ARQL), a clinical-stage biotechnology company engaged in the research and development of innovative cancer therapeutics. This stock has been hammered by the bear so far in 2012, with shares off by over 50%. >>22 Biopharma Stocks With Breakout Potential in 2012 If you take a look at the chart for ArQule, you'll notice that this stock recently gapped down big from around $5 to a low of $1.98 a share with monster downside volume. Following that plunge, shares of ARQL have spiked higher and started to trend sideways between $2.92 and $2.45 a share A move outside of that sideways trading pattern to the upside could spark a major breakout trade for ARQL. Traders should now look for long-biased trades in ARQL once it manages to break out above some near-term overhead resistance levels at $2.92 a share with high volume. Look for a sustained move or close above $2.92 a share with volume that hits near or above its three-month average action of 1,146,930 shares. If that breakout triggers soon, then ARQL will set up to re-fill some of that gap down zone. Some possible upside targets are $4 to $4.50 a share, and possibly even $5 to $5.75 a share. Traders can look to buy ARQL off any weakness to anticipate that breakout and simply use a stop that sits right below some near-term support at $2.45 a share. One could also buy ARQL off strength once it takes out $2.92 with volume and then simply use a stop a few percentage points below that level.