If you take a look at the chart for Ceres, you'll see that this stock has been trending sideways for the past month and change, with shares moving between $3.43 on the downside and $4.27 on the upside. This sideways action is coming after shares of CERE plunged from $9.50 a share to $3.43 a share, during the months of July to late November. Traders should now look for a high-volume move above the upper-end of its recent range to trigger a near-term breakout trade. Market players should now look for long-biased trades in CERE if it manages to take out some near-term overhead resistance levels at $4.19 to $4.50 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 48,945 shares. If that breakout hits soon, then CERE will set up to re-test or possibly take out its next significant overhead resistance levels at $5.50 to $5.62 a share. Any high-volume move above those levels will then put $6.16 to $7 a share into focus for shares of CERE. Traders can look to buy CERE off any weakness and then simply use a stop that sits right around some key near-term support at $3.73 to $3.61 a share. One could also buy CERE off strength once it takes out those breakout levels with volume and then simply use a stop that sits right around $3.73 a share. Zogenix One final under-$10 name that's trending very close to triggering a major breakout trade is Zogenix ( ZGNX), which is a pharmaceutical company, engaged in the commercializing and developing products for the treatment of central nervous system disorders and pain. This stock has been hit hard by the sellers so far in 2012, with shares off by 36%. If you take a look at the chart for Zogenix, you'll notice that this stock recently gapped down big from $2.36 a share to its recent low of $1.11 a share with heavy downside volume. Following that move, shares of ZGNX have started to rebound sharply and trend higher towards its current price of $1.43 a share. That move is quickly pushing ZGNX within range of triggering a major breakout trade. That trade will hit once ZGNX manages to take out its gap down day high of $1.44 a share with high volume.