China Mobile

Another huge international communications stock that's tradable this week is China Mobile ( CHL), the world's largest mobile phone carrier. With more than 600 million subscribers, that's a title that China Mobile earns pretty easily.

But ignore the fundamentals for a minute -- traders should be paying attention to the setup in China Mobile's shares.

>>5 Technical Setups to Trade This Week

That's because China Mobile is currently forming an "if/then setup," the result of CHL's sideways consolidation over the last several months. The horizontal resistance and support range make for a well-defined contingent trade in this stock:

Simply put, CHL's if/then setup works like this: If shares break out above $50 resistance, then buy. If shares break down below $46.50 support, then CHL is a short candidate.

Either way it progresses, I'd recommend placing a protective stop back just within the channel.

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