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

NEW YORK (TheStreet) -- Good day traders!

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

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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FLSR $0.07 55.56%
RP $22.54 2.50%
WETF $10.92 0.28%
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FB $118.57 0.84%


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