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

3. Next, let's look at Noble, which operates as an offshore drilling contractor for the oil and gas industry.

Noble traded positive on Thursday, closing up 2.79% to $31.34 per share.

  • Thursday's range: $30.60 - $31.35
  • 52-week range: $28.67 - $41.60
  • Thursday's volume: 3,391,167
  • 3-month average volume: 3,885,200

Noble is a rounded bottom breakout that has tried to break out several times, but has failed. Look for this trade to continue yesterday's bullish move, reflecting positive investor sentiment.

Yesterday the chart also formed a bullish engulfing candlestick, which implies price action will continue to rise today. The next overhead resistance is at $31.98 and $32.80. There's not much to worry about there, as long as we break above the current sideways movement. I would target the 200-day simple moving average for about 11% to the upside.

I'd set a stop at $30.31 or so, and stay long until you see a confirmed sell signal or a confirmed close below the t-line.

4. Lastly, let's look at Nationstar Mortgage, which provides residential mortgage loan services in the United States. The company operates in two segments: mortgage servicing and originations.

Nationstar traded positive on Thursday, closing up 3.72% to $34.57 per share.

  • Thursday's range: $32.85 - $35.12
  • 52-week range: $24.50 - $57.95
  • Thursday's volume: 1,522,260
  • 3-month average volume: 929,865

Nationstar also showed itself to be a rounded bottom breakout when it closed over the moving averages on May 28.

Yesterday really confirmed the breakout when Nationstar traded above all the near-term resistance levels. The next resistance level is at $36.41, and not much else is stopping this trade from continuing to the 200-day simple moving average. It would be nice for a small pullback today so we can get a cheaper entry. Again, I would target the 200 for 13% to the upside.

I'd set a stop around $29.88 and stay long until you see a sell signal or a close below the t-line.

Good luck traders!

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>>Read More: Tim Cook Is Doing Just Fine, One 'Incremental' Step at a Time

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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