Another under-$10 name that's trending very close to triggering a major breakout trade is MEI Pharma ( MEIP), which is developing cancer therapeutics based on the central design of naturally occurring compounds called isoflavones. This stock has been on fire during the last six months, with shares up a whopping 227%. If you take a look at the chart for MEI Pharma, you'll notice that this stock formed a double bottom at around $4.36 to $4.50 a share earlier this month. After marking that bottom, shares of MEIP have soared and moved back above its 50-day moving average with heavy upside volume flows. That move has now pushed shares of MEIP within range of triggering a major breakout trade. Traders should now look for long-biased trades in MEIP if it manages to break out above some key overhead resistance at $7.70 a share with high volume. Look for a sustained move or close above $7.70 a share with volume that registers near or above its three-month average volume of 72,208 shares. If that breakout triggers soon, then MEIP will set up to re-test or possibly take out its next major overhead resistance levels at $10.08 to around $13 a share. Any high-volume move above $13.20 would then send shares of MEIP into new 52-week high territory, which is bullish technical price action. Traders can look to buy MEIP off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day moving average of $6.55 a share or around $6 a share. One could also buy MEIP off strength once it clears $7.70 a share with volume and simply use a stop that sits right around its 50-day moving average of $6.55 a share. This stock has very explosive upside potential if that breakout triggers soon, since its tradable float is just 1.47 million shares. A low-float name like this can move to the upside very quickly if buyers move into the stock with force, since the supply of actual stock to trade is so small.