One under-$10 name that's trending very close to triggering a major breakout trade is Mitek Systems ( MITK), which is engaged in the development, sale and service of its proprietary software solutions related to mobile imaging applications and intelligent recognition software. This stock is off to a hot start in 2013, with shares up 39%. If you take a look at the chart for Mitek Systems, you'll notice that this stock has been uptrending strong for the last three months and change, with shares soaring higher from its low of $2.05 to its recent high of $5.01 a share. During that uptrend, shares of MITK have been consistently making higher lows and higher highs, which is bullish technical price action. That move is quickly pushing shares of MITK within range of triggering a major breakout trade. Traders should now look for long-biased trades in MITK if it manages to break out above some key overhead resistance levels at $5.01 to $5.10 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 volume of 431,748 shares. If that breakout triggers soon, then MITK will set up to re-test or possibly take out its next major overhead resistance levels at $6.26 to $7 a share. Any high-volume move above $7 will then put $8 to $9 into range for shares of MITK. Traders can look to buy MITK off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day moving average of $3.69 a share. One could also buy MITK off strength once it clears those breakout levels with volume and simply use a stop near $4.50 a share. This stock is a favorite target of the short-sellers, since its current short interest as a percentage of its float is very high at 23.6%. If that breakout triggers soon, then we could see a monster short-squeeze develop for shares of MITK.