One under-$10 stock that's trending very close to trigger 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 off to a hot start in 2013, with shares up 22%. If you take a look at the chart for MEI Pharma, you'll notice that this stock recently formed a double bottom at around $7.54 to $7.29 a share, right above its 50-day moving average of $7.31 a share. This stock has started to bounce off those support areas and is now quickly moving within range of triggering a major breakout trade. >>5 Health Care Stocks Ready to Break Out Traders should now look for long-biased trades in MEIP if it manages to break out above some near-term overhead resistance levels at $9.40 to $9.65 a share and then once it takes out more resistance at $10.08 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 81,131 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 $12 to $13.18 a share.