Apple

Another stock that's starting to trend within range of triggering a near-term breakout trade is Apple ( AAPL), which designs, manufactures and markets personal computers, mobile communication devices, media devices and portable digital music and video players and sells a variety of related software, services, peripherals and networking solutions. This stock has struggled so far in 2013, with shares off by 16.4%.

>>4 Tech Stocks Under $10 Spiking Higher

If you look at the chart for Apple, you'll notice that this stock recently spiked back above its 50-day moving average of $434 a share, after pulling back from its recent high of $463 a share. Shares of AAPL have now been trending sideways and consolidating right above its 50-day moving average. That move now has AAPL quickly moving within range of triggering a near-term breakout trade.

Traders should now look for long-biased trades in AAPL if it manages to break out above some near-term overhead resistance at $448.35 a share with high volume. Look for a sustained move or close above that level with volume that registers near or above its three-month average volume of 16.80 million shares. If that breakout triggers soon, then AAPL will set up to re-test or possibly take out its next major overhead resistance levels at $463 to $466.86 a share. Any high-volume move above those levels will then put $481.75 a share into range for shares of AAPL.

Traders can look to buy AAPL off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day at $434 a share. One can also buy AAPL off strength once it takes out $448.35 a share with volume and then simply use a stop that sits a comfortable percentage point from your buy entry. I would add to either position if AAPL clears $463 to $466.86 a share with heavy upside volume.

If you liked this article you might like

Week Ahead: With Triple-Threat Thursday Out of the Way, Wall Street Turns to Fed's Rates

China's Incentive Cuts Mean The Time to Buy Solar Is Now

Why Yingli Green Energy (YGE) Stock is Climbing Today

China’s Brave New Climate Goal and the DIY Formula for Achieving It

5 Stocks Under $10 to Buy on Weakness