This Day On The Street
Continue to site
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

Swing Trade Ideas for Wednesday, June 18: Medidata, DryShips, More

2. Now let's look at Medidata Solutions, which produces cloud-based clinical development solutions for life sciences in the U.S. and internationally.

Medidata traded positive on Tuesday, closing up 3.69% to $41.17 per share.

  • Tuesday's range: $39.85 - $41.58
  • 52-week range: $32.10 - $68.21
  • Tuesday's volume: 734,850
  • 3-month average volume: 1,054,850

Medidata is a rounded bottom breakout -- a chart pattern that keeps on giving. The rounded bottom breakout keeps trading down, forming a bottom, testing that bottom, then trading above the bottom levels that were previously formed. Then, the price action moves over the 50-day simple moving average, triggering my interest.

With this chart, shares traded down, formed a bottom, rose above those levels and consolidated. Now price action has closed above the consolidation levels and the 50-day simple moving average.

This trade needs to see a little follow-through today, but it is in a clear uptrend from from a short-term viewpoint. I'd look for an entry above the 50-day simple moving average at $40.34. I'd set a stop below Monday's low of $38.67.

I'd ultimately target the 200-day simple moving average, which is at $52.53. Trading to the 200 SMA would be a 27% trade to the upside. You could also just trade to one of the near-term resistance levels of, say, $47.80 for 15% to the upside.

Great potential in this chart!

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

3. Lastly, let's look at Twitter, the global platform for narcissistic instant self-expression.

Twitter traded down a penny on Tuesday, closing at $38.02 per share.

  • Tuesday's range: $37.30 - $38.55
  • 52-week range: $29.51 - $74.73
  • Tuesday's volume: 30,136,891
  • 3-month average volume: 23,684,600

Twitter looks good, and people are tweeting about it. Technically, this chart looks good, and is a rounded bottom breakout-type signal. It's not a true rounded bottom breakout, because there is no 200-day simple moving average, since Twitter is new to the publicly trading arena.

Twitter traded down to its all-time low of $29.51, bounced back up, then traded back down to test the lowest close of $30.50. Now shares are trading 24% above that low in only 14 trading days. I'd hope for a little pullback today to offer a better entry level -- a pullback opportunity.

I think that an entry above $35.96 would be great. I'd set a stop $34.68-ish, and I'd target some resistance levels. The overhead resistance levels of interest are $46.05 and $50.02, which is 21% and 31% up, respectively.

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

Good luck traders, as luck favors the prepared. Also, be mindful of the Fed announcement that comes out today. You never know what might happen.

Come see me at my second home and sign up for the two-week trial. You'll find a trading room with tons of professional traders who help each other learn and succeed.

United Pilots: We Flew to Chengdu on a Boeing 787 and Loved It

Why You Shouldn't Be Afraid of Rising Interest Rates

Target Wants to Go to College With Your Kids and Your Money

Starbucks Is Serving Its Employees a Grande Portion of the American Dream

At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

2 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
Only $9.95
14-Days Free
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
DRYS $0.74 -1.92%
MDSO $46.78 -1.40%
TWTR $50.66 -2.63%
AAPL $124.75 -1.13%
FB $80.78 -1.86%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs