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 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 - Get Report).

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.

U.S. World Cup Is an Iffy Investment

Here's What We Think We Know About the Next iPad

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.

1 of 3

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
FEYE $44.03 0.00%
GRPN $7.12 0.00%
UTIW $9.27 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs