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Big Swing Trade Ideas for Thursday, May 15

2. Next, let's look at MannKind, a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diabetes and cancer in the U.S.

MannKind traded big yesterday, closing up 6.53% to $7.01 per share.

  • Wednesday's range: $6.58 - $7.24
  • 52-week range: $3.80 - $8.70
  • Wednesday's volume: 16,617,021
  • 3-month average volume: 10,317,400

MannKind tried to break out yesterday, but failed to close above the $7.01 breakout level. We need to see confirmation today -- continued strength and increased volumes -- to get into this trade.

Mannkind is "newsy," and can be volatile, so watch this trade closely. I would enter this trade on any positive trading, and start with a 1/4 position, then add to it as it crosses the $7 level.

There is resistance at yesterday's high of $7.24-ish, then again at $7.50, and the recent high of about $8. Target the 52-week high of $8.70, which is 18% from yesterday's close, but don't be afraid to take smaller profits of just a couple of percentage points. That is still a win. 

I'd set a stop at $6.10 and stay long until you see a sell signal or a close below the t-line.

3. Next is Office Depot, the office supply company.

Office Depot traded down yesterday, down 3.47% to $5.29 per share.

  • Wednesday's range: $5.27 - $5.52
  • 52-week range: $3.77 - $5.85
  • Wednesday's volume: 21,554,173
  • 3-month average volume: 10,536,700

Office Depot has been trading nicely, up 26% in the last seven trading days -- now that's a lot in a few days.

Charts will not sustain steep inclines for too long, so they need to consolidate. That is what Office Depot is doing now. There is some profit taking, too. Frankly, if I was in this trade, I'd be taking profits as well.

I'd look for an entry around $5.08 to $5.15, and set a stop around $5. Target the 52-week high of $5.85, which is almost 10% from yesterday's close. If you are able to enter around $5, that will be another couple percent to the upside.

There is resistance at $5.35, $5.45, $5.62 and again at the 52-week high. Stay long until you see a sell signal, or a close below the t-line.

Good luck traders!

"Mankind is divided into three classes: those that are immovable, those that are movable, and those that move."
~Arabian proverb

>>Read More: Bonds Are Outperforming Stocks This Year

>>Read More: 5 Lowest-Priced 2014 Cars You'll Actually Want to Drive

>>Read More: Gannett Turns the Page and Continues the Transformation

At the time of publication, the author held no positions in any of the stocks mentioned.

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

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