My final idea that's trending very close to triggering a major breakout trade is Peregrine Pharmaceuticals ( PPHM), a biopharmaceutical company developing first-in-class monoclonal antibodies for the treatment and diagnosis of cancer. This stock has been on fire during the last three months, with shares up a whopping 62%. If you look at the chart for Peregrine Pharmaceuticals, you'll notice that this stock has been trending sideways during the last month, with shares moving between $1.64 on the upside to $1.08 on the downside. Shares of PPHM have recently started to bounce right off its 200-day moving average of $1.21 a share and its quickly moving within range of breaking out above the upper-end of its sideways trading pattern. If that breakout were to occur, then shares of PPHM would start to move within range of a huge gap down zone from last September that started at $5.50 a share. Traders should now look for long-biased trades in PPHM if it manages to break out above some near-term overhead resistance levels at $1.44 to $1.45 a share and then once it clears some more overhead resistance levels at $1.64 to $1.94 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 3.8 million shares. If that breakout triggers soon, then PPHM will set up to re-fill some of its previous gap down zone from September that started at $5.50 a share. A reasonable target before any test of that $5.50 area is $3 a share if we get into that gap with volume. Traders can look to buy PPHM off any weakness to anticipate that breakout and then simply use a stop that sits just below some key near-term support levels at $1.12 to $1.08 a share or even its 50-day moving average at $1.03 a share. Traders can also just buy PPHM off strength once it takes out $1.44 to $1.45 a share and then simply use a stop that sits just below its 200-day moving average at $1.21 a share. I would add to either position once PPHM takes out $1.64 to $1.94 a share with heavy upside volume. To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.