This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Top Swing Trade Ideas for Wednesday June 11: Facebook, Vivus, More

NEW YORK (TheStreet) -- Good day traders!

Today's top picks are Facebook  (FB - Get Report)Vivus  (VVUS - Get Report) and Wageworks (WAGE - Get Report).

1. First, let's look at Facebook, the social media giant that has changed how more than 1.2 billion people spend their day.

Facebook traded positive on Tuesday, closing up 4.6% to $65.77 per share. 

  • Tuesday's range: $63.50 - $65.82
  • 52-week range: $23.26 - $72.59
  • Tuesday's volume: 68,490,394
  • 3-month average volume: 66,285,200

Go check your news feed, update your status, take a picture of what you are having for lunch, then take a selfie of you buying shares of Facebook.Today the stock is a top pick.

Facebook has been trading sideways since March, after a short downtrend. Even after reporting positive earnings, the stock still faltered and didn't really go anywhere. There have been trading opportunities in Facebook during this sideways action, but I prefer to get it on breakouts.

Yesterday, price action moved above the sideways levels. Now the stock is poised to break out.

The sideways channel lets us know that investors aren't going to let the shares trade any lower. The chart formed a triple bottom, testing the lows, and formed many bullish candles along the way. There was a bullish engulfing signal, followed by more bullish engulfing signals. Then there was consolidation at the top of the trend channel. Yesterday was a doji gap up -- the trader's best friend. (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.)

After an almost 5% upside day, shares will likely consolidate a bit. The next overhead resistance is at $67, $69.71 then again at the 52-week high of $72.59. I would set a stop at about $61.50, just below the recent consolidation levels. I'd like to get an inside day entry, meaning within yesterday's price action range, so I can get it at a cheaper price.

I would target the 52-week high to start, and stay long until you see a sell signal that the stock is turning around. If you are a t-line trader, get solid confirmation before exiting the trade.  

Next up: Vivus and Wageworks.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
FB $83.30 0.35%
VVUS $2.57 3.21%
WAGE $52.67 -0.81%
AAPL $123.25 -0.80%
GOOG $548.34 -1.23%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs