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Swing Trade Ideas for Monday, June 23: Globalstar, Westport Innovations, More

Stocks in this article: GSA PDS WPRT

NEW YORK (TheStreet) -- Good day, traders!

Today's top swing picks are Globalstar  (GSAT)Precision Drilling  (PDS) and Westport Innovations (WPRT).

1. First, let's look at Globalstar, which provides mobile voice and data communications services through satellite worldwide.

Globalstar traded up 3.02% on Friday, closing at $4.09 per share.

  • Friday's range: $3.80 - $4.12
  • 52-week range: $2.33 - $4.42
  • Friday's volume: 26,676,825
  • 3-month average volume: 4,224,410

Globalstar looks good technically, because it formed a bullish left/right combo pattern. The left/right combo is a doji or series of dojis, followed by a bullish engulfing signal. (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.)

And that's nicely bullish.

Think of what is going on with price action. First, there is a struggle between the bulls and bears, and price action doesn't move anywhere, forming the doiji. Then, price action gaps down the following day and trades back over the dojis, forming the bullish engulfing signal.

In other words, the bulls won the struggle.

Plus, check out Friday's volume: 26 million shares, compared to the average volume of 4.2 million. This adds to the bullishness of this chart. I'd say it's favored.

Globalstar has been in a strong bullish trend since April 2013, up 1,400% in that time. That percentage is striking -- to call it "huge" doesn't give it justice. The left/right combo is a pretty reliable signal, and when you see it on an already bullish chart, the probabilities are that much greater. Since price action pulled back to the t-line, I'd try to get an entry around the t-line, which is at $4.03. I'd set my stop at $3.70-ish.

As far as a target, I would just stay long on this chart until you see a confirmed sell signal, which hasn't happened in over a year. On this chart a confirmed sell signal would take several days for me to be convinced that price action was turning around. If you are a t-line trader, sell on a close below the t-line.

Up next: Precision Drilling and Westport Innovations.

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