One stock that's starting to move within range of triggering a major breakout trade is Parker Drilling ( PKD), which provides contract drilling and drilling-related services and operates in approximately 12 countries. This stock has risen modestly so far in 2013, with shares up 9.7%. If you take a look at the chart for Parker Drilling, you'll notice that this stock has been uptrending strong for the last few weeks, with shares moving higher from its low of $4.15 to its recent high of $5.20 a share. During that uptrend, shares of PKD have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of PKD within range of triggering a major breakout trade. >>Why the Fed's "Taper Tantrum" Doesn't Matter Traders should now look for long-biased trades in PKD if it manages to break out above some key overhead resistance levels at $5.20 to $5.23 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 744,448 shares. If that breakout triggers soon, then PKD will set up to re-test or possibly take out its next major overhead resistance level $6.18 to $6.50 a share. Any high-volume move above those levels will then put its next major overhead resistance levels at $7.19 to $7.60 within range for shares of PKD. Traders can look to buy PKD off any weakness to anticipate that breakout and simply use a stop that sits right below either its 200-day at $4.58 or its 50-day at $4.42 a share. One could also buy PKD 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.