Big Swing Trade Ideas for Friday, May 30: Best Buy, GTAT, More

NEW YORK (TheStreet) -- Good day, traders!

Today's top picks are Best Buy (BBY), GT Advanced Technologies (GTAT), Noble Corporation (NE) and Nationstar Mortgage Holdings (NSM).

1. Let's look at Best Buy, which operates as a multi-national, multi-channel retailer of technology products in the U.S., Canada, China and Mexico.

Best Buy traded positive on Thursday, closing up 1.97% to $27.47 per share.

  • Thursday's range: $26.86 - $27.52
  • 52-week range: $22.15 - $44.66
  • Thursday's volume: 5,514,125
  • 3-month average volume: 6,196,820

Best Buy looks good technically, and it's sitting right at the breakout price level. Positive trading today could send in the bulls for a nice move to the upside. The real breakout level is $28.29 --a near-term resistance level it's been experiencing for three months or so.

There was a gap down on Jan. 16 that will eventually be closed, as gaps do. The whole gap will act as resistance, and those levels are $26.83 to $37.30. That is a pretty large gap, so just use your trading rules as we try to close that gap. Beyond the gap, there is resistance at $29.43, $30.44 and then again at the 200-day simple moving average at $32.94.

I would target the 200, for almost 20% to the upside. I'd set my stop below the sideways trading channel at about $24.63 if that's within your risk tolerance.

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

2. Now, let's look at GT Advanced Technologies, a technology company that provides materials and equipment for the solar, light emitting diode (LED) and electronics industries worldwide.

GT Advanced Technologies traded positive on Thursday, closing up 5.06% to $17.22 per share.

  • Thursday's range: $16.38 - $17.25
  • 52-week range: $3.44 - $19.44
  • Thursday's volume: 9,192,882
  • 3-month average volume: 9,241,230

GTAT is a great looking chart. It had a bit of a pull back in the beginning of May, and now is trading sternly to the upside.

Yesterday, GTAT had a great day and closed above the 50-day simple moving average for the second day in a row with increasing volumes, and closed right at near-term resistance. The next resistance is at $17.92, then again at 52-week high of $19.44.

I would target the 52-week high, and look for this trade to continue its bullishness. Keep in mind that as the trade reaches new highs, there will be pullbacks and consolidations.

I would set a stop at $15.97, and stay long until you see a confirmed sell signal or a close below the t-line.

Next up on page 2: Noble Corp. and Nationstar Mortgage.

3. Next, let's look at Noble, which operates as an offshore drilling contractor for the oil and gas industry.

Noble traded positive on Thursday, closing up 2.79% to $31.34 per share.

  • Thursday's range: $30.60 - $31.35
  • 52-week range: $28.67 - $41.60
  • Thursday's volume: 3,391,167
  • 3-month average volume: 3,885,200

Noble is a rounded bottom breakout that has tried to break out several times, but has failed. Look for this trade to continue yesterday's bullish move, reflecting positive investor sentiment.

Yesterday the chart also formed a bullish engulfing candlestick, which implies price action will continue to rise today. The next overhead resistance is at $31.98 and $32.80. There's not much to worry about there, as long as we break above the current sideways movement. I would target the 200-day simple moving average for about 11% to the upside.

I'd set a stop at $30.31 or so, and stay long until you see a confirmed sell signal or a confirmed close below the t-line.

4. Lastly, let's look at Nationstar Mortgage, which provides residential mortgage loan services in the United States. The company operates in two segments: mortgage servicing and originations.

Nationstar traded positive on Thursday, closing up 3.72% to $34.57 per share.

  • Thursday's range: $32.85 - $35.12
  • 52-week range: $24.50 - $57.95
  • Thursday's volume: 1,522,260
  • 3-month average volume: 929,865

Nationstar also showed itself to be a rounded bottom breakout when it closed over the moving averages on May 28.

Yesterday really confirmed the breakout when Nationstar traded above all the near-term resistance levels. The next resistance level is at $36.41, and not much else is stopping this trade from continuing to the 200-day simple moving average. It would be nice for a small pullback today so we can get a cheaper entry. Again, I would target the 200 for 13% to the upside.

I'd set a stop around $29.88 and stay long until you see a sell signal or a close below the t-line.

Good luck traders!

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At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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