One more under-$10 stock that's quickly moving within range of triggering a major breakout trade is Mela Sciences ( MELA), a medical device company engaged in designing and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. This stock has been hit hard by the sellers so far in 2013, with shares off by 30%. If you take a look at the chart for MELA Sciences, you'll notice that this stock has been trending inside of a consolidation pattern for the last two months, with shares moving between $1.08 on the downside and $1.27 on the upside. Shares of MELA recently started to bounce off $1.10 a share and it's now quickly moving within range of triggering a major breakout trade above the upper end of its recent range. Traders should now look for long-biased trades in MELA if it manages to break out above some near-term overhead resistance levels at $1.25 to its 50-day moving average at $1.27 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 478,303 shares. If that breakout triggers soon, then MELA will set up to re-test or possibly take out its next major overhead resistance levels at $1.60 to $1.75 a share. Any high-volume move above those levels will then put $1.83 to $2, or even $2.20 into range for shares of MELA. Traders can look to buy MELA off weakness to anticipate that breakout and simply use a stop just below some key near-term support levels at 1.10 to $1.08 a share. One can also buy off strength once MELA clears those breakout levels with volume and then simply use a stop just below $1.15 a share. To see more hot under-$10 equities, check out the Stocks Under $10 Setting Up to Explode portfolio on Stockpickr. -- Written by Roberto Pedone in Madison, Wis.