One biopharmaceutical player that's quickly moving within range of triggering a major breakout trade is Coronado Biosciences ( CNDO), which is focused on novel immunotherapy biologic agents for autoimmune diseases and cancer. This stock is off to a bearish start in 2013, with shares off sharply by 61%. If you take a look at the chart for Coronado Biosciences, you'll notice that this stock gapped down sharply back in October from close to $7 to under $2 a share with heavy downside volume. Following that gap down, shares of CNDO have trended sideways in a wide range, with shares moving between $1.25 on the downside and $1.91 on the upside. Shares of CNDO have started to uptrend off that $1.25 low and it's now quickly moving within range of triggering a major breakout trade above the upper-end of its recent range. >>5 Health Care Stocks Ready to Cut You a Dividend Check Traders should now look for long-biased trades in CNDO if it manages to break out above some near-term overhead resistance levels at $1.86 to $1.88 a share, and then once it takes out more resistance levels at $1.91 to its gap down day high of $2.16 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 1.42 million shares. If that breakout hits soon, then CNDO will set up to re-fill some of its massive gap down zone that started near $7 a share. Some possible upside targets if CNDO gets into that gap with volume are $2.50 to $3, or even $3.50 a share. Traders can look to buy CNDO off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $1.50 to $1.42 a share. One can also buy CNDO off strength once it starts takes out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.