One stock that's trending very close to triggering a major breakout trade is Uni-Pixel ( UNXL), a development stage company that has developed, patented and demonstrated a new color display technology in the form of proof of concept prototypes, which it calls Time Multiplexed Optical Shutter. This stock has been on fire so far in 2013, with shares up 32%.

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If you take a look at the chart for Uni-pixel, you'll notice that this stock has been uptrending strong for the last month, with shares soaring higher from its recent low of $12.53 to its high of $18.87 a share. During that uptrend, shares of UNXL have been consistently making higher lows and higher highs, which is bullish technical price action. That uptrend has come with heavy upside volume days and it's now pushing shares of UNXL within range of triggering a major breakout trade.

Traders should now look for long-biased trades in UNXL if it manages to break out above some near-term overhead resistance levels at $18.87 to $19.67 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 643,079 shares. If that breakout triggers soon, then UNXL will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that move are $25 to $27 a share.

Traders can look to buy UNXL off any weakness to anticipate that breakout and simply use a stop that sits right around some key near-term support at $16.50 a share. One could also buy off strength once UNXL takes out those breakout levels with volume and then simply use a stop that sits just below $18 a share.

This stock has big time short-squeeze potential if that breakout triggers soon, since its current short interest as a percentage of its float is crazy high at 28.4%. The float is also very small for UNXL at just 7.97 million shares, so if that breakout hits be ready to play it.

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