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Swing Trade Ideas for Monday, June 9: Chart Industries, KBR, More

Stocks in this article: GTLS KBR PHM

NEW YORK (TheStreet) -- Good day traders!

Today's top swing pick ideas are Chart Industries  (GTLS - Get Report)KBR  (KBR - Get Report) and PulteGroup  (PHM - Get Report).

1. First let's look at Chart Industries, which manufactures and sells engineered equipment for the production, storage and end-use of hydrocarbon and industrial gases worldwide.

Chart Industries traded positive on Friday, up 3.81%, and closed at $74.26 per share.

  • Friday's range: $72.66 - $75.81
  • 52-week range: $64.05 - $130.85
  • Friday's volume: 655,211
  • 3-month average volume: 480,559

Chart Industries looks good from a technical standpoint. It closed over the 50-day simple moving average on Friday, triggering a rounded bottom breakout buy signal.

This chart has tried to close over the 50 a few times this year, but has failed to do so several times. So we'll need to see some follow-through today and tomorrow.

Confirmation will come in the form of increased buying pressure over the 50 and a close over $76.27, which is the near-term high.

Chart Industries has been in a downtrend since October, when it formed a double top. It has traded down 55% since then. Now it is in a moving average squeeze, where Friday's candlestick engulfed the moving averages. The stock is trading up off of a double bottom that has formed over the last 12 trading days. Plus, there are other other bullish signals, like a doji gap up and a small bull-kicker. (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.)

I would look for an entry above the 50-day simple moving average, above $74.48. I would set a stop just below the double bottom level of $70.47. My first target would be the 200-day simple moving average at $94.20, which is about 25% to the upside.  

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

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