Another huge international communications stock that's tradable this week is
(CHL), the world's largest mobile phone carrier. With more than 600 million subscribers, that's a title that China Mobile earns pretty easily.
But ignore the fundamentals for a minute -- traders should be paying attention to the setup in China Mobile's shares.
>>5 Technical Setups to Trade This Week
That's because China Mobile is currently forming an "if/then setup," the result of CHL's sideways consolidation over the last several months. The horizontal resistance and support range make for a well-defined contingent trade in this stock:
Simply put, CHL's if/then setup works like this:
shares break out above $50 resistance,
shares break down below $46.50 support,
CHL is a short candidate.
Either way it progresses, I'd recommend placing a protective stop back just within the channel.