Another under-$10 name that's trending very close to triggering a near-term breakout trade is Bazaarvoice ( BV), which provides social commerce solutions that help its clients capture, display and analyze online word of mouth. This stock has been pounded lower by the bears during the last six months, with shares off by 49%.

If you take a look at the chart for Bazaarvoice, you'll notice that this stock has been downtrending badly over the last six months, with shares dropping from over $15 to its recent low of $6.37 a share. During that downtrend, shares of BV have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of BV have now started to rebound off that $6.37 low and are flirting with its 50-day moving average of $7.41 a share. That rebound is quickly pushing shares of BV within range of triggering a near-term breakout trade.

Traders should now look for long-biased trades in BV if it manages to break out above some key overhead resistance levels at $7.28 to $7.41 a share and then once it takes out more resistance levels at $7.95 to $8.07 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 848,570 shares. If that breakout triggers soon, then BV will set up to re-test or possibly take out its next major overhead resistance levels at $9 to $9.98 a share. Any high-volume move above $9.98 will then put $11 to its 200-day moving average at $12.50 into range for shares of BV.

Traders can look to buy BV off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $6.75 a share. One could also buy BV off strength once it clears those breakout levels with volume and simply use a stop that sits just below its 50-day at $7.41 a share. I would add to either position once BV clears $7.95 to $8.07 a share with strong upside volume.

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