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Three Swing Trade Ideas for Today

Stocks in this article: ARCP BITA WPRT

With that in mind, I would target a higher resistance level, say $14.01, or $14.50, which would be 10% and 15% higher respectively. Stay long until you see a confirmed sell signal or a close below the t-line.  

2. Now, let's look at Bitauto Holdingswhich provides Internet content and marketing services for the automotive industry, primarily in China.

Bitauto traded up 1.33% on Thursday, closing at $48.06.

  • Thursday's range: 43.17 - 48.17
  • 52-week range: 11.00 - 49.67
  • Thursday's volume: 685,493
  • Three-month average volume: 948,045

Bitauto is a great chart, and has been trading in a bullish pattern since July 2012, up over 1,200% during that time. There have been pullbacks, but nothing major, as the stock has occasionally pulled back below the 50-day simple moving average.

Yesterday, Bitauto had a little pullback, offering traders a lower entry point.

Price action gapped down yesterday, opening below the 34-day exponential moving average, and then traded back up, engulfing the previous day's candlestick, a bullish engulfing signal, and engulfed the 34 EMA, 20 SMA, and the t-line. These rare signs that price action will continue trading higher today.

Look for an entry within yesterday's candlestick, anywhere above the 34-day exponential moving average, which is at $44.29.

I'd set my stop below the 50-day simple moving average at $41.97, and move it up in the following days as price action moves up.

I would remain bullish in this chart until there's a confirmed sell signal, and it would have to be a very compelling signal to go bearish, because this chart has done so well for so long.

I would target the top of the trend channel, which is around $55.25 today, roughly 15% higher.

Then I would secure some profits at that level, wait for another pullback and add to the position, and repeat until my pockets were full of cash. Stay long until you see a confirmed sell signal, and wait to see several days of confirmation to get out of this chart.

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