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

Big Swing Trade Ideas for Thursday, May 15

Stocks in this article: MBT MNKD ODP

NEW YORK (TheStreet) -- Good morning traders!

Today's picks are Mobile TeleSystems (MBT)MannKind (MNKD) and Office Depot (ODP).

1. First, let's look at Mobile TeleSystems, a mobile and fixed-line voice and data telecommunications services in Russia and the former Soviet states.

Mobile TeleSystems traded up on Wednesday, closing up 1.5% to $17.61 per share.

  • Wednesday's range: $17.24 - $17.62
  • 52-week range: $15.06 - $24.06
  • Wednesday's volume: 2,830,278
  • 3-month average volume: 3,872,090

Mobile TeleSystems is a rounded bottom breakout that has confirmed and reconfirmed. Wednesday, the chart formed a bullish engulfing signal, kind of. Shares closed above near-term resistance levels yesterday with volumes increasing on bullish moves.

The next overhead resistance is at about $18. I'd set a stop at about $16.80, just below the 20-day simple moving average. Target the 200-day simple moving average at $19.71, which is almost 12% to the upside from yesterday's close. Mobile TeleSystems has reached the breakout level, so watch for strength today on the break.

Mobile Telesystems is reporting earnings on Tuesday, May 20, so be careful of that. I don't like to hold over earnings, but do as you wish. Trading over earnings can be very profitable, but it can also drain your trading account.

Stay long until you see a confirmed sell signal or a close below the t-line.

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