This company said today that the FDA Anesthetic and Analgesic Drug Products Advisory Committee, or AADPAC, will review its New Drug Application, or NDA, for Zohydro ER -- hydrocodone bitartrate extended-release capsules -- on Dec. 7, 2012. This news could provide a catalyst for the stock to move substantially higher into that review date.

If you take a look at the chart for Zogenix, you'll notice that the stock is bouncing strongly here right off its 200-day moving average of $2.27 a share with strong upside volume flows. Volume so far today has already hit over 640,000 shares, which is quickly approaching its three-month average action of 645,621 shares. This action is also moving ZGNX within range of challenging its 50-day moving average of $2.61 a share.

Market players should now look for long-biased trades in ZGNX as long as it's trending above its 200-day at $2.27, and then once it clears its 50-day at $2.61 a share with strong upside volume flows. I would consider any upside volume day that registers near or above 645,621 shares as bullish. If ZGNX can trigger that move, then this stock will set up to re-test or possibly take out its next significant overhead resistance levels at $2.90 to $3.10 a share, or possibly even $3.30 a share. Any high-volume move above $3.30 a share would then put $3.90 into focus for ZGNX.

Traders can look to buy ZGNX off any weakness and then simply use a stop that sits just below its 200-day moving average of $2.27 a share. One could also buy off strength once ZGNX takes out its 50-day at $2.61 and then simply use the same stop just below its 200-day.

VASCO Data Security International

One final under-$10 name that's trading very close to triggering a near-term breakout trade is VASCO Data Security International ( VDSI). This company designs, develops, markets and supports open standards-based hardware and software security systems that manage and secure access to information assets. This stock has been uptrending modestly so far in 2012, with shares up by just over 15%.

If you take a look at the chart for VASCO Data Security International, you'll notice that this stock gapped down big in early October from over $9 a share to a low of $6.51 a share with monster volume. Following that sharp move lower, shares of VDSI have started to move into a sideways trading pattern. That pattern has the stock moving between $6.95 on the downside and $7.60 on the upside. Shares of VDSI are now moving within range of breaking out above the upper-end of that sideways pattern.

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