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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Big Swing Trade Ideas for Wednesday, May 14

2. Next let's look at, Hornbeck, which through its subsidiaries operates offshore supply vessels.

Hornbeck traded positive on Wednesday, closing up 1.79% to $42.14 per share.

  • Tuesday's range: 41.49 - 42.43
  • 52 week range: 37.44 - 59.93
  • Tuesday's volume: 1,415,268
  • 3 month average volume: 653,814

Hornbeck is also a rounded bottom breakout, which occurred on Monday, and confirmed yesterday when it continued to trade over the 50-day simple moving average.

Yesterday formed a bullish kicker signal and traded strongly, and closed above near term resistance.

There is more overhead resistance at $43.53 abd then again at $44.50. There are a few small gap downs that will act as resistance, and so expect some consolidation on the upswing. The chart has been forming a "W" pattern, or a double bottom, which indicates that the bottom has formed and is not likely to trade lower.

Target the 200-day simple moving average at $48.75, which will be a 15% move from yesterday's close. I'd set a stop around $40, and wouldn't want to see it trade below this level. Stay long until you see a confirmed sell signal or a close below the t-line.

3. Finally is Sirius XM, which provides satellite radio services.

Sirius traded positive on Tuesday, closing up 2.19% to $3.27 per share.

    • Tuesday's range: 3.20 - 3.29
    • 52 week range: 2.98 - 4.18
    • Tuesday's volume: 68,881,557
    • Three-month average volume: 67,560,500

Sirius has had a tough time in the recent past, but yesterday, the stock traded positive. Sirius is a rounded bottom breakout since it closed over the 50-day simple moving average yesterday.

The stock looks to be turning around, but protect yourself since it is in a downtrend. I would target the 200-day simple moving average, and set a stop at about $3.20.

The 200-day simple moving average is 10% from yesterday's close. There are positive rumors around Sirius that could make this thing go crazy, and so be watchful.

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At the time of publication, the author was long on Newcastle.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

The author holds a position in NCT, but not in any other stocks mentioned in this article.
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