Top Trade Ideas for the Week of March 7, 2011: The Rest
- Posted by Greg Harmon
- on March 6th, 2011
Here are The Rest of the Top 10:
Google, Ticker: GOOG
Google has had strong support at 600 but is continuing to test it from above. If it can get below 600 then it has support at 580 followed by 555. The Relative Strength Index (RSI) is holding in bearish territory and pointing lower and the short term Simple Moving Averages are starting to roll over. As top can be placed at 605 or just above the 50 day SMA at 612.91.
51job, Ticker: JOBS
51jobs has been in an ascending triangle with resistance at 61.50since early January. If it can get over 61.50 has a target of 70 on a Measured Move (MM) based on symmetry with the move from mid-December to the resistance area. The RSI remains in bullish territory and the Moving Average Convergence Divergence (MACD) indicator is about to turn positive and cross up.
Sensata Technologies Holding, Ticker: ST
Sensata has been stair stepping higher and currently consolidating with resistance at 33.80. If it can get over 33.80 then it has a target on a MM to 37. The bullish RSI and rising Simple Moving Averages (SMA’s) support a bias higher.
Molson Coors Brewing, Ticker: TAP
Somebody kicked the keg at Molson Coors which printed a bearish Marubozu candle Friday. It looks to continue lower to support at the 61.8% retracement at 42.70. A stop can be placed just above 44.50. Both the RSI and the MACD crossing lower support further downside.
Tempur Pedic International, Ticker: TPX
Tempur Pedic is pressing on the ceiling at 48.80 for the second time in a month. If it can get over 48.80 then it has a MM target of 54.50. The RSI is bullish and the MACD is improving and about to cross higher, supporting further upside.
Up Next: Bonus Idea
After reviewing over 700 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Saturday which looks in the short term to bring new highs for Gold and Oil, with a chance of consolidation within the coming week. The US Dollar Index looks to be headed lower with US Treasuries fate determined by the 20 and 50 day SMA’s. Chinese and Emerging markets look better bid. The Volatility Index appears to be drifting higher with a broader range creating some uncertainty with the broad market Equity ETF’s. The SPY, IWM and QQQQ all look like they have more consolidation in store for them this with a bias to the downside, although within the context of a continued strong uptrend.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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