One final under-$10 semiconductor player that looks ready to trigger a major breakout trade is Mindspeed Technologies ( MSPD), which designs, develops and sells semiconductor networking solutions for communications applications in enterprise, access, metropolitan and area networks. This stock has been under control of the bears so far in 2013, with shares off by 35.9%. >>The Icahn Effect: Is Apple the Next Netflix? If you take a look at the chart for the Mindspeed Technologies, you'll notice that this stock has been trending sideways for the last four months inside of a consolidation pattern, with shares moving between $2.75 on the downside and $3.58 on the upside. Shares of MSPD have pulled back in the last two months from that $3.58 a share to $2.75 a share. The stock has formed a near-term double bottom off that pullback at $2.75 to $2.77 a share. Shares of MSPD are now starting to break out above some near-term overhead resistance at $2.95 a share today. That move is quickly pushing MSPD within range of triggering a major breakout trade. Traders should now look for long-biased trades in MSPD if it manages to break out above its 50-day at $3.14 a share and then once it takes out more near-term overhead resistance levels at $3.58 to its 200-day at $3.61 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 479,780 shares. If that breakout triggers soon, then MSPD will set up to re-test or possibly take out its next major overhead resistance levels at $4.25 to $4.50 a share. Any high-volume move above those levels will then put $5 to its 52-week high at $5.27 into range for shares of MSPD. Traders can look to buy MSPD off weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $2.77 to $2.75 a share. One can also buy MSPD off strength once it clears those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point. 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 Delafield, Wis.