One final under-$10 name that's trending very close to triggering a near-term breakout trade is Gevo ( GEVO), a renewable chemicals and advanced biofuels company. This stock has been hammered by the bears during the last six months, with shares off by 52%. If you take a look at the chart for Gevo, you'll see that this stock has been uptrending strong for the last two months, with shares soaring from its low of $1.36 to its recent high of $2.43 a share. During that uptrend, shares of GEVO have been mostly making higher lows and higher highs, which is bullish technical price action. That move has pushed shares of GEVO back above its 50-day moving average of $1.69 a share and the upside volume flows of late have been tracking bullish. This stock is now quickly moving within range of triggering a near-term breakout trade. Traders should now look for long-biased trades in GEVO if it manages to break out above some near-term overhead resistance levels at $2.25 to $2.43 a share and then once it clears its gap down day high from last September at $2.61 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 651,015 shares. If that breakout triggers soon, then GEVO will set up to re-fill some of its previous gap down zone that started close to $3.50 a share. Any move above $3.50 would then put $3.79 to its 200-day at $4.05 into range for shares of GEVO. Traders can look to buy GEVO off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $1.82 share. One could also buy GEVO off strength once it clears those breakout levels with volume and then simply use a stop that sits just below $2.20 a share. I would add to either position once GEVO takes out its gap down day high of $2.61 a share with volume. This is a heavily shorted stock, since the current short interest as a percentage of its float is a whopping 29.5%. If shares of GEVO trigger that breakout soon, then look for a monster short-covering rally to develop that could send this stock screaming higher in the near-term. 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.