Facebook, Baidu: Swing Trade Ideas for Thursday, May 22

NEW YORK (TheStreet) -- Good morning traders!

Today's top swing picks are Baidu (BIDU), Blucora (BCOR) and Facebook (FB).

1. First, let's look at Baidu, which provides Internet search services mainly in China. The company offers a Chinese language search platform on its Baidu.com Web site that enables users to find relevant information online, including Web pages, news, images, documents and multimedia files, as well as various international products and services in local languages to users in other countries.

Baidu traded positive on Wednesday and closed up 3.50% to $163.97 per share.

  • Wednesday's range: $158.82 - $164.49
  • 52-week range: $88.08 - $189.34
  • Wednesdays' volume: 3,366,800
  • 3-month average volume: 4,937,020

Baidu is a great swing trading chart, as it has just enough volume to keep things interesting. Yesterday, Baidu gapped up a bit, and continued to trade positive throughout the day. Shares closed at the top of the sideways trading channel that it's been experiencing for a few months. Clearly there is strong resistance at yesterday's closing price, as price action is having a tough time breaking through this level.

Watch for Baidu to break this level today. I'd set a buy trigger at $165, which is just above the current trend channel.

I'd set a stop just below yesterday's low at about $158.62. There is overhead resistance at $168.18, $172.79, $179.10, than again at the 52-week high of $189.34. I'd target the 52-week high, but look to take profits at any of these resistance levels for 2.5%, 5.4%, 9.2% and 13% returns, respectively.

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

2. Next, let's look at Blucora, which operates a portfolio of Internet businesses in the U.S. and internationally. The company operates through three segments: search, tax preparation and e-commerce.

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