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Swing Trade Ideas for Friday June 13: First Majestic Silver, Clovis, More

NEW YORK (TheStreet) -- Good day traders!

Today's top picks are First Majestic Silver  (AG - Get Report)Clovis Oncology  (CLVS) and Halozyme Therapeutics  (HALO).

1. First, let's look at First Majestic Silver, which acquires, develops and explores mineral properties with a focus on silver projects in Mexico.

First Majestic trade up 3.38% on Thursday to $9.47 per share.

  • Thursday's range: $9.11 - $9.57
  • 52-week range: $8.19 - $16.46
  • Thursday's volume: 1,479,778
  • 3-month average volume: 1,062,250

Miners and metals made big moves on Thursday, so there are a lot of great charts within this sector. First Majestic is a rounded bottom breakout that needs to confirm today. Price action has been trading up since the stock hit its 52-week low of $8.19 a couple weeks ago.

Over the last few days, the share price has gapped up, confirming bullish sentiment. Now, shares are trading over the 50-day simple moving average. First Majestic has formed a bullish scoop pattern at a resistance level.

Look to enter this trade within yesterday's trading range, above the 34-day exponential moving average. There is also a surge in volume on the bullish move, which tells us that investors are interested in the long-term bull movement. Watch for increasing volume on the scoop breakout. I'd set a stop at about $8.95, which is just below the nearest-term resistance.

I'd target the 200-day simple moving average, which is at $10.63 and is 10% to the upside. There is overhead resistance at $9.63, $10-ish and again at the 200.

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

Next up: Clovis Oncology and Halozyme Therapeutics.

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