Another stock that's trending within range of triggering a near-term breakout trade is ProShares Ultra Silver ( AGQ), which seeks to provide daily investment results that correspond to twice the daily performance of silver as measured by the U.S. dollar fixing price for delivery in London. This stock has been trending to the downside in the last six months, with shares off by 28%. >>4 Basic Materials Stocks Under $10 on the Move If you take a look at the chart for ProShares Ultra Silver, you'll notice that this highly-leveraged ETF has been downtrending for the last two months, with shares dropping from its high of $50.14 to its recent low of $37.79 a share. During that downtrend, shares of AGQ have been mostly making lower highs and lower lows, which is bearish technical price action. That said, AGQ has just started to bounce off that $37.79 low and is quickly moving within range of triggering a near-term breakout trade. Market players should now look for long-biased trades in AGQ if it manages to break out above some near-term overhead resistance levels at $39.90 to $41 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 1.39 million shares. If that breakout triggers soon, then we could see a powerful bounce higher that takes AGQ back towards $50 to $55 a share. Traders can look to buy AGQ off any weakness to anticipate that breakout and simply use a stop that sits close to some near-term support levels at $38.07 to $37.79 a share. One could also buy off strength once AGQ clears those breakout levels with volume and then simply use a stop that sits just below $38.07 a share or one that's a few percentage points below your entry. I would add to either position once AGQ clears its 50-day at $44.03 and its 200-day at $46.13 with heavy upside volume.