Another stock that's quickly approaching a near-term breakout trade is Under Armour ( UA), which is engaged in designing, development, marketing and distribution of technologically advanced, branded performance products for men, women and youth. This stock hasn't done much to write home about in 2013, with shares up just 5.5%. If you look at the chart for Under Armour, you'll notice that this stock has been modestly uptrending for the last month, with shares moving higher from its low of $46.31 to its recent high of $51.75 a share. During that uptrend, shares of UA have been mostly making higher lows and higher highs, which is bullish technical price action. That move is quickly pushing shares of UA within range of triggering a near-term breakout trade. Market players should now look for long-biased trades in UA if it manages to break out above some near-term overhead resistance at $51.46 to $51.75 a share and then once it clears its 200-day moving average of $51.95 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 1.77 million shares. If that breakout hits soon, then UA will set up to re-test or possibly take its next major overhead resistance levels at $55.20 to around $60 a share. Traders can look to buy UA off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day moving average of $49.13 a share. One can also buy UA off strength once it clears those breakout levels with volume and then simply use a stop that sits a few percentage points below your entry point. This is a pretty popular ticker among the bears, since the current short interest as a percentage of the float for UA is very high at 16.4%. If that breakout triggers soon, then we could easily see some of those bears rush to cover their short positions and help push shares of UA sharply higher.