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Big Swing Trade Ideas for Wednesday, June 4: First Solar, More

Stocks in this article: FLSR RP WETF

NEW YORK (TheStreet) -- Good day traders!

Today's top picks are First Solar (FSLR)RealPage (RP) and WisdomTree Investments (WETF).

1. First, let's look at First Solar, which provides solar energy solutions worldwide. The company operates through two segments, components and systems.

First Solar trade up 0.37% on Tuesday, closing at $62.93

  • Tuesday's range: $61.70 - $63.45
  • 52 week range: $35.59 - $74.84
  • Tuesday's volume: 2,192,036
  • 3-month average volume: 4,482,160

First Solar has been in a downtrend since reaching its 52-week high of $74.84, trading down 15%. Then, it appears to have found its bottom at $59.88. Yesterday, shares closed above the t-line and the 20-day simple moving average, and there was a t-line/20 cross.

Yesterday's chart formed a doji candle, which is a sign of indecision. (A doji chart has a stock price that opens and closes in almost the same spot, but it may be wide-ranging in price over the course of the day.). Plus, when there is a doji, I like to watch for a gap up.

Look for a gap up today. When there is a gap up after a doji, this is a huge bullish signal, and the trend likely follows the gap after a doji. Also, this chart is forming a cup and handle formation, which is also a bullish candlestick signal that has big upside potential. All signs for a buy.

I'd look for an entry above the t-line and the 20-day simple moving average, say above $62.00. I would set a stop at about $60.80. I would target the 52-week high, which is 12% to the upside. The power and energy sectors have been working, so this trade will likely work in our favor. Stay long until you see a confirmed sell signal, or a confirmed close below the t-line.

Next up: RealPage.

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