TriQuint Semiconductor My final breakout trading prospect is TriQuint Semiconductor ( TQNT), which designs, develops and manufactures advanced high-performance RF solutions for the devices and networks that carry voice, video and data. This stock is a favorite target of the bulls so far in 2013, with shares up huge by 68%.

>>5 Rocket Stock to Buy as Mr. Market Climbs

If you look at the chart for TriQuint Semiconductor, you'll notice that this stock has been uptrending strong for the last two months, with shares moving higher from its low of $7.41 to its recent high of $8.28 a share. During that uptrend, shares of TQNT have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of TQNT within range of triggering a near-term breakout trade.

Traders should now look for long-biased trades in TQNT if it manages to break out above some near-term overhead resistance levels at $8.28 a share to its 52-week high at $8.29 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 1.96 million shares. If that breakout triggers soon, then TQNT will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $11 to $12 a share.

Traders can look to buy TQNT off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day at $7.69 a share, or below more support at $7.40 a share. One could also buy TQNT off strength once it clears those breakout levels with volume and then simply use a stop that sits a conformable percentage from your entry point.

To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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