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.

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