PharmAthene One final under-$10 name that's trending very close to triggering a near-term breakout trade is PharmAthene ( PIP), which is engaged in the development and commercialization of medical countermeasures against biological and chemical weapons in the U.S. This stock has been in play for the bulls during the last three months, with shares up by 21.9%. If you take a look at the chart for PharmAthene, you'll notice that this stock recently bounced strongly right off its 50-day moving average of $1.14 a share with heavy upside volume. That move has now pushed shares of PIP within range of its 200-day moving average of $1.30 a share and within range of triggering a near-term breakout trade. Traders should now look for long-biased trades in PIP if it manages to break out above some near-term overhead resistance levels at $1.30 to $1.34 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 200,720 shares. If that breakout triggers soon, then PIP will set up to re-test or possibly take out its next major overhead resistance levels at $1.47 to $1.59 a share. Any high-volume move above $1.59 will then put $1.70 to $1.84 into focus for shares of PIP. A run towards $2.10 is even possible, if this stock breaks out soon. Traders can look to buy PIP off any weakness to anticipate that breakout and simply use a stop that sits right around its 50-day moving average of $1.14 a share. One could also buy PIP off strength once it clears those breakout levels with volume and then simply use a stop that sits just below its 200-day moving average of $1.30 a share. I would add to either position once PIP clears $1.47 to $1.59 a share with volume. To see more hot under-$10 equities, check out the Stocks Under $10 Setting Up to Explode portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.