One under-$10 stock that's starting to move within range of triggering a near-term breakout trade is Leap Wireless ( LEAP), a wireless communications carrier that offers digital wireless services in the U.S. under the Cricket brand. This stock has been trending lower in 2013, with shares off by 11%. If you take a look at the chart for Leap Wireless, you'll notice that this stock has been trending sideways and consolidating for the last two months, with shares moving between $5.31 on the downside and $6.28 on the upside. Shares of LEAP have just started to trend back above its 50-day moving average at $5.81 a share. That move is quickly pushing the stock within range of triggering a near-term breakout trade above the upper-end of its recent range. >>5 Stocks With Big Insider Buying Traders should now look for long-biased trades in LEAP if it manages to break out above its 200-day moving average at $5.98 a share and then once it clears more resistance levels at $6.25 to $6.28 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 1.17 million shares. If that breakout triggers soon, then LEAP will set up to re-test or possibly take out its next major overhead resistance levels at $6.75 to $7.18 a share. Any high-volume move above those levels will then put its nest major overhead resistance levels at $8 to $9 into range for shares of LEAP. Traders can look to buy LEAP off weakness to anticipate that breakout and simply use a stop that sits just below some key near-term support levels at $5.45 to $5.31 a share. One can also buy LEAP off strength once it takes out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point. This stock is very popular among the bears, since the current short interest as a percentage of the float for LEAP is very high at $20%. This sets up LEAP for a large short-squeeze if it breaks out soon, so make sure to keep this name on your low-priced stock radar.