Traders should now look for long-biased trades in ARQL once it manages to break out above some near-term overhead resistance levels at $2.76 to $2.92 a share, and then once it takes out its 50-day moving average of $3 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 1,221,220 shares. If that breakout triggers soon, then ARQL could make an explosive move and re-fill some of that previous gap down zone from October. Some upside targets are $4.50 to $5 a share and possible even its 200-day at $5.66 a share. Traders can look to buy ARQL off any weakness and simply use a stop that sits right around some key near-term support at $2.25 a share. One could also buy ARQL off strength once it takes out those breakout levels with high volume and then simply use a stop that sits just below $2.53 a share. American Superconductor Another under-$10 name that's trading very close to triggering a near-term breakout trade is American Superconductor ( AMSC), which is a provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. This stock hasn't done much so far in 2012, with shares off by around 7%. If you take a look at the chart for American Superconductor, you'll see that this stock has been downtrending badly for the last month, with shares dropping from a high of $4.07 to a recent low of $2.40 a share. During that downtrend, shares of AMSC have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of AMSC have recently formed a double bottom at $2.40 to $2.44 a share and the stock is now moving within range of triggering a near-term breakout trade. Market players should now look for long-biased trades in AMSC once it manages to take out some near-term overhead resistance levels at $2.86 to $3.00 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 action of 312,411 shares. If that breakout triggers soon, then AMSC will set up to re-test or possibly take out its next significant overhead resistance levels at its 50-day of $3.49 or its 200-day at $3.94 a share.