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TheStreet Open House

Big Swing Trade Ideas for Friday, May 30: Best Buy, GTAT, More

NEW YORK (TheStreet) -- Good day, traders!

Today's top picks are Best Buy (BBY), GT Advanced Technologies (GTAT)Noble Corporation (NE) and Nationstar Mortgage Holdings (NSM).

1. Let's look at Best Buy, which operates as a multi-national, multi-channel retailer of technology products in the U.S., Canada, China and Mexico.

Best Buy traded positive on Thursday, closing up 1.97% to $27.47 per share.

  • Thursday's range: $26.86 - $27.52
  • 52-week range: $22.15 - $44.66
  • Thursday's volume: 5,514,125
  • 3-month average volume: 6,196,820

Best Buy looks good technically, and it's sitting right at the breakout price level. Positive trading today could send in the bulls for a nice move to the upside. The real breakout level is $28.29 --a near-term resistance level it's been experiencing for three months or so.

There was a gap down on Jan. 16 that will eventually be closed, as gaps do. The whole gap will act as resistance, and those levels are $26.83 to $37.30. That is a pretty large gap, so just use your trading rules as we try to close that gap. Beyond the gap, there is resistance at $29.43, $30.44 and then again at the 200-day simple moving average at $32.94.

I would target the 200, for almost 20% to the upside. I'd set my stop below the sideways trading channel at about $24.63 if that's within your risk tolerance.

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

2. Now, let's look at GT Advanced Technologies, a technology company that provides materials and equipment for the solar, light emitting diode (LED) and electronics industries worldwide.

GT Advanced Technologies traded positive on Thursday, closing up 5.06% to $17.22 per share.

  • Thursday's range: $16.38 - $17.25
  • 52-week range: $3.44 - $19.44
  • Thursday's volume: 9,192,882
  • 3-month average volume: 9,241,230

GTAT is a great looking chart. It had a bit of a pull back in the beginning of May, and now is trading sternly to the upside.

Yesterday, GTAT had a great day and closed above the 50-day simple moving average for the second day in a row with increasing volumes, and closed right at near-term resistance. The next resistance is at $17.92, then again at 52-week high of $19.44.

I would target the 52-week high, and look for this trade to continue its bullishness. Keep in mind that as the trade reaches new highs, there will be pullbacks and consolidations.

I would set a stop at $15.97, and stay long until you see a confirmed sell signal or a close below the t-line.

Next up on page 2: Noble Corp. and Nationstar Mortgage.

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