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TheStreet Open House

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

NEW YORK (TheStreet) -- Good day traders!

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

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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