Another stock that's starting to push within range of triggering a major breakout trade is Cytokinetics ( CYTK), which is engaged in discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. This stock has been in beast mode for all of 2013, with shares up an impressive 92%.

If you look at the chart for Cytokinetics, you'll notice that this stock has been uptrending very strong for the last two months and change, with shares soaring higher from its low of 96 cents to its recent high of $1.36 a share. During that uptrend, shares of CYTK have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now started to push shares of CYTK within range of triggering a major breakout trade.

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Market players should now look for long-biased trades in CYTK if it manages to break out above some key overhead resistance levels at $1.36 to $1.45 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 947,000 shares. If that breakout hits soon, then CYTK will set up to re-test or possibly take out its next major overhead resistance levels at $2 to $2.25 a share. Any high-volume move above $2.25 will then put $2.96 into range for shares of CYTK.

Traders can look to buy CYTK off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $1.15 to its 50-day at $1.08 a share. One can also buy CYTK 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.

Keep in mind that this company is set to report earnings on April 30 after the market close, so look to play the breakout ahead of the quarter and then after the quarter. Holding into earnings is always a risk trade, so play the trend before or after the news is out.

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