Mindspeed Technologies My final idea that's trading very close to triggering a major breakout trade is Mindspeed Technologies ( MSPD), which designs, develops and sells semiconductor networking solutions for communications applications in enterprise, access, metropolitan and area networks. This stock has been hot during the last three months, with shares up a whopping 50%. If you look at the chart for Mindspeed Technologies, you'll notice that this stock has been trending sideways for the last month and change, with shares moving between $3 on the downside and $3.76 on the upside. As MSPD has moved sideways, the stock has been able to hold above its 50-day moving average. Now shares of MSPD are starting to rip higher today by 8% with decent volume. This move is quickly pushing MSPD within range of triggering a major breakout trade. Traders should now look for long-biased trades in MSPD once it manages to take out some near-term overhead resistance at $3.76 a share, and then once it clears its 200-day moving average of $4.13 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 306,532 shares. If that breakout triggers soon, then MSPD will have a great chance of re-testing or possibly taking out its next major overhead resistance levels at $5 to $5.50 a share, and possibly even $6 a share. One could look to buy MSPD off any weakness to anticipate that breakout and then simply use a stop right around its 50-day at $3.17 a share. Traders can also just buy off strength once MSPD takes out those breakout levels with volume and then simply use a stop just below $3.50 a share. To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.