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

Top Swing Trade Ideas for Friday, July 18: Boardwalk Pipeline, Pretium, More

NEW YORK (TheStreet) -- Good day traders!

Let's be careful out there today, as there is a lot of outside factors affecting the market right now. So be cautious.

Today's top picks are Boardwalk Pipeline Partners (BWP - Get Report) Pretium Resources (PVG) and World Wrestling Entertainment (WWE - Get Report).

Here's Why the Roof Hasn't Caved in on Health Insurers Under Obamacare

Airlines Flew Over Ukraine Until Malaysia Crash Despite Danger Signs

Australia's Carbon Tax Experiment Goes Up in Smoke

1. First, let's look at Boardwalk Pipeline Partners, which provides transportation, storage, gathering and processing services for natural gas and natural gas liquids.

Boardwalk Pipeline traded up 2.99% on Thursday, closing at $18.60 per share.

  • Thursday's range: $17.99 - $19.07
  • 52-week range: $11.99 - $33.00
  • Thursday's volume: 2,365,805
  • 3-month average volume: 1,530,760

Boardwalk Pipeline Partners looks good -- the chart has come off the bottom and is up 53% since the middle of March. This chart has worked perfectly off the bottom, trading up and consolidating. It continues trading up, forming the perfect stair-step pattern.

This chart was a rounded bottom breakout on April 15 and has been doing great since, working its way to the 200-day simple moving average. There is some resistance at yesterday's close, as the price action is having a tough time clearing this level. Watch for price action to break through the yesterday's levels and continue trading to the 200.

I'd look for an entry above $18.28, which is the t-line, but I still like the chart as low as $17.81, Tuesday's low. I'd start with a one-quarter position, then add to the position once it clears the $19 level. I'd set a stop below Tuesday's low, at about $17.77, which is the 34-day exponential moving average.

First, I would target the 200-day simple moving average at $20.64. Then I would target the gap down that occurred on February 10. The top of the gap is at $24.09, which is 22% from yesterday's close.

Stay long until you see confirmed sell signal. Confirmation comes when the chart has made a clear reversal.

2. Now, let's look at Pretium Resources, which acquires, explores for and develops precious metal resource properties in the Americas. The company's mineral interests consist of gold, copper and silver exploration projects.

Pretium traded up 3.33% on Thursday, closing at $8.39 per share.

  • Thursday's range: $8.10 - $8.42
  • 52-week range: $2.70 - $10.14
  • Thursday's volume: 279,646
  • 3-month average volume: 345,810

Pretium looks good from a technical standpoint, as the chart has been in an uptrend after forming a double bottom in March and April, which tested the uptrend. Then, it traded above the double bottom levels, but failed to break out until about June 20.

On Tuesday, price action tested the 20-day simple moving average with a big bearish candlestick, followed by a morning star signal on Wednesday. This tells me that the 20-day simple moving average is a strong support level, and will continue higher. Yesterday's trading confirmed this by opening at the 20-day simple moving average, and closing back over the t-line.

GM Leases Are The Post-Recall Bargain

Why Apple's Technicals Trump the Fundamentals

This is a small pullback opportunity, where the price is at the low end of the current uptrend channel and is offering a slightly cheaper entry level. Again, I would start with a one-quarter position and add to it on strength.

I'd look for an entry above the t-line, which is at $8.31. I'd set a stop below the recent lows, at about $8.07. My stop would be on a close below this level, not interday trading at this level. I would target the overhead resistance levels, but ultimately I would target the 52-week high of $10.14 -- 17% to the upside.

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

Next up: WWE.

1 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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BWP $16.26 0.81%
PVG $6.11 -1.45%
WWE $14.42 4.72%
AAPL $130.12 0.12%
FB $82.44 2.48%

Markets

DOW 18,076.27 +64.33 0.36%
S&P 500 2,114.07 +4.47 0.21%
NASDAQ 5,099.2310 +22.7070 0.45%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs