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Swing Trade Ideas for Monday, May 19

NEW YORK (TheStreet) -- Good morning traders!

Today, we'll look at Autodesk (ADSK - Get Report)Applied Materials (AMAT - Get Report) and Catamaran (CTRX).

1. First, let's look at the software company that created AutoCAD -- Autodesk. Autodesk traded big on Friday, closing up 8.05% to $51.67 per share.

  • Friday's range: $49.61 - $52.07
  • 52-week range: $33.01 - $58.68
  • Friday's volume: 7,642,790
  • 3-month average volume: 3,071,810

Autodesk is up 55% from the 52-week low, and the company had a big day on Friday, following a stellar earnings report on Thursday. On Friday there was above average volume, and price action gapped up due to after-market trading on Thursday and Friday premarket trading.

Before earnings, Autodesk was trading flat for the past month or so, after a slight downtrend. The month-long consolidation period was broken on Friday by the big gap up.

Today we will likely see some profit-taking and a little consolidation for the next few days. I'd set a stop just below Friday's low of $49.61, or as low as the 50-day simple moving average at $48.76. There is overhead resistance at roughly $52.55, $53.54, $54.72, and then again at the 52-week high of $58.68. The most compelling resistance is at the $53.54 level, so watch for a little consolidation there, and even a little pullback.

Watch for continued strength and interest today to confirm the positive sentiment. For now, target the 52-week high, which is almost 12% from Friday's close. Stay long until you see a confirmed sell signal and a close below the t-line

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ADSK $59.82 0.00%
AMAT $20.47 0.00%
AAPL $93.74 0.00%
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