Another medical equipment player that's starting to trend within range of triggering a big breakout trade is Stereotaxis (STXS), which designs, manufactures and markets cardiology instrument control system in the U.S. and internationally. This stock has been on fire over the last three months, with shares up sharply by 58%.

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If you take a look at the chart for Stereotaxis, you'll notice that this stock has been uptrending over the last month, with shares moving higher from its low of $3.11 to its recent high of $5.84 a share. During that uptrend, shares of STXS have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of STXS within range of triggering a big breakout trade above some key overhead resistance levels.

Traders should now look for long-biased trades in STXS if it manages to break out above some near-term overhead resistance levels at $5.84 to $6.24 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 1.63 million shares. If that breakout triggers soon, then STXS will set up to re-fill some of its previous gap-down-day zone from last August that started at $10 a share. Some possible upside targets if STXS gets into that gap with volume are $8 to $9 a share.

Traders can look to buy STXS off any weakness to anticipate that breakout and simply use a stop that sits just below $4.50 or $4 a share. One can also buy STXS off strength once it starts to take out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

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