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TheStreet Open House

5 Big Stocks to Trade for Gains

China Mobile

First up this week is China Mobile (CHL), the world's biggest mobile phone carrier. China Mobile has been having a strong year in 2012, rallying more than 15% year-to-date on the heels of strong fundamental performance. But the gravy train may not be over yet for CHL shareholders thanks to a bullish technical pattern forming in shares.

CHL is currently forming an ascending triangle pattern, a setup that's marked by a horizontal resistance level to the upside, and uptrending support below shares. As shares of CHL bounce in between those two lines, they're getting squeezed closer and closer to a breakout above that resistance level (in this case at $56 and change). A breakout above that resistance line is a buy signal for traders; it indicates that the glut of supply of shares that's caused prices to retreat in the past has been absorbed.

>>3 Tech Stocks to Buy on a Pullback

CHL is a nearly textbook example of an ascending triangle -- not only does it have the requisite combination of horizontal resistance and uptrending support, it also has had declining volume as the pattern progressed. We'll want to see a volume spike when shares break out above resistance.

With CHL bumping against resistance this week, traders should be keeping a close eye on this stock today.

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