If you take a look at the chart for Inteliquent, you'll notice that this stock has been downtrending badly for the last six months, with shares plunging from $8.73 to its recent low of $2.10 a share. During that downtrend, shares of IQNT have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of IQNT have recently started to make a series of higher lows and higher highs, which is bullish price action. This stock is also starting to rise off of oversold levels, since its current relative strength index (RSI) reading is 26.50.

Market players should now look for long-biased trades in IQNT once it manages to break out above some near-term overhead resistance levels at $2.42 to $2.43 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 464,315 shares. If that breakout triggers soon, then IQNT could make a powerful bounce off oversold levels. Some possible upside targets are $3.50 to its 50-day at $4.41 a share.

One can look to buy IQNT off any weakness to anticipate that breakout and simply use a stop that sits close to some near-term support levels at $2.18 to $2.10 a share. One could also buy off strength once IQNT clears $2.42 to $2.43 a share with volume, and then use a stop close to $2.18 a share.

Aegerion Pharmaceuticals

One name that's starting to move within range of triggering a major breakout trade is Aegerion Pharmaceuticals ( AEGR), which is focused on the development and commercialization of therapeutics to treat lipid disorders. This stock has been uptrending strong so far in 2012, with shares up just over 40%.

If you look at the chart for Aegerion Pharmaceuticals, you'll notice that this stock has been trending sideways for the last month and change, with shares moving between $18.33 on the downside and $23 a share on the upside. Shares of AEGR bounced higher on Wednesday from $19.92 to just over $22 a share with decent volume. That spike has now pushed AEGR above some near-term overhead resistance at $21.66 a share, and it's moved it within range of triggering a major breakout trade above $23 a share.

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