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Swing Trade Ideas for Tuesday, June 24: FireEye, Groupon, More

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

Today's top swing picks are FireEye (FEYE - Get Report)Groupon (GRPN - Get Report) and UTi Worldwide (UTIW).

1. First, let's look at FireEye (FEYE - Get Report), which provides products and services for detecting, preventing and resolving advanced cybersecurity threats.

FireEye traded up 4.16% on Monday, and closed at $39.02 per share.

  • Monday's range: $37.01 - $39.45
  • 52-week range: $25.58 - $97.35
  • Monday's volume: 5,297,922
  • 3-month average volume: 6,726,750

FireEye looks good technically, as it is a rounded bottom breakout -- albeit without the 200-day simple moving average as a factor, since shares have only been publicly traded since Sept. 20, 2013.

Price action traded up 138% in the first five and a half months. The stock has since lost all those gains and is down 3% since the IPO. The share price found a bottom at around $27, and it is now steadily climbing from that bottom.

On Monday last week, price action closed over the 50-day simple moving average and continued to consolidate for the rest of the week. The charts formed a series of dojis. (A doji chart is a one-day chart with a stock price that opens and closes in almost the same spot, but may show a wide price range over the course of the day.) This allowed the moving averages to catch up.

Yesterday, FireEye had a good bullish day of trading, and price action closed over the previous consolidation levels. The stock formed a bullish engulfing signal. Plus, the 34-day exponential moving average crossed over the 20- and 50-day simple moving averages.

I'd look for an entry anywhere above yesterday's low, between $37.01 and $39.45. I'd set my stop below Friday's low of $36.04, as I wouldn't want it to close below this level.

There is overhead resistance at $40.80, $47.23, and $54.97-ish. Remember, resistance is an area rather than an exact price. I would target these resistance levels, with my first target at $47.23, which would be 21% to the upside. After that, I'd target each resistance level.

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

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Up next: Groupon and UTi.

And don't forget to 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.

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UTIW $7.09 0.00%
FEYE $14.64 -9.60%
GRPN $3.25 -3.80%
AAPL $93.21 -0.44%
FB $117.80 -0.22%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

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