ZELTIQ Aesthetics, Inc (ZLTQ) is a medical technology company that makes non-invasive fat reduction products. Its CoolSculpting procedure, which has been FDA approved for treatment, works by essentially freezing fat cells below the surface of the skin.

For the better part of 2014, ZELTIQ has been trending lower from a high just above $22 a share in January of this year to a recent closing low of $14.77 in July.

Last week, according to AlphaTrends founder Brian Shannon, ZELTIQ broke out from its down trend and now has room to run higher.

Shannon notes that while the stock was moving lower during 2014, short interest was increasing dramatically, reaching in excess of 10% of the float with a days to cover reading of more than seven days at average daily volume.

So, with the stock price now beginning to move higher, we are likely not only seeing fresh buyers but short covering as well, with the potential for a short squeeze as well.

In addition to the bullish price action, ZELTIQ is also seeing EPS estimate revisions higher for next year with the 2015 consensus estimate shifting from a loss of one cent to a six cent profit over the past 30 days.

More from Yahoo Finance:
Hot or not: Which stocks sectors are poised to pop & which might sink
Dollar General pops, Taser zaps higher, Nintendo levels up
Yellen wrong about biotech, Twitter: Chartist