Another stock that's moving within range of triggering a major breakout trade is Oxygen Biotherapeutics ( OXBT), which is engaged in the business of developing biotechnology products with a focus on oxygen delivery to tissue. This stock has been destroyed by the sellers so far in 2013, with shares off by 58%. If you look at the chart for OXBT, you'll notice that this stock has been downtrending badly for the last month and change, with shares dropping from its high of 80 cents per share to its recent low of 25 cents per share. During that downtrend, shares of OXBT have been consistently making lower highs and lower lows, which is bearish technical price action. That move has pushed OXBT into oversold territory, since its current relative strength index reading is 28.24. Oversold can always get more oversold, but it's also an area where a stock can produce a powerful bounce higher from. Shares of OXBT have started to bounce off that 25 cents per share low and are quickly moving within range of triggering a major breakout trade. Traders should now look for long-biased trades in OXBT once it manages to break out above some near-term overhead resistance levels at 27 cents to 32 cents per 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 48,154 shares. If that breakout triggers soon, then OXBT could produce a massive oversold bounce that takes this stock back towards 40 cents to 50 cents per share. It's even possible for OXBT to re-test its 50-day moving average of 57 cents per share. Traders should note that the volume today for OXBT has already hit over 700,000 shares with the stock up 7.8% to 27 cents per share. That oversold bounce could already be underway. Traders can look to buy OXBT off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at 25 cents per share. One can also buy off strength once OXBT takes out those breakout levels with volume and then simply use the same stop around 25 cents per share.