Top Trade Ideas for the Week of March 26, 2012: The Rest
- Posted by Greg Harmon
- on March 25th, 2012
Here are the Rest of the Top 10:
ARIAD Pharmaceuticals, Ticker: $ARIA
ARIAD Pharmaceuticals, $ARIA, has been building a long consolidation zone over 14.50 since January. With the rising Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator that is positive and increasing adding weight to the rising Simple Moving Averages (SMA) it seems ready to break higher above 16. If it does, it has a Measured Move to 22. Short interest at over 16% will aid it toward that goal if it breaks higher.
E*Trade Financial, Ticker: $ETFC
E*Trade Financial, $ETFC, is in a bull flag after rising from the basing between 9.20 and 9.80. It has a bullish RSI and a MACD that is increasing again after a short fade. A break of the flag higher and a move over the November high triggers a Measured Move to 13.
Fomento Econmico Mexicano, Ticker: $FMX
Fomento Econmico Mexicano, $FMX, has formed a short term double top at 76.80, this time from a higher low. A move over that resistance has a target of 80 on a Measured Move higher. The RSI is bullish and rising and the MACD has just crossed higher, and support to a move higher.
Perkinelmer, Ticker: $PKI
Perkinelmer, $PKI, is at resistance at 27.50 and the neckline of an Inverted Head and Shoulders with a price objective of 37.50. The RSI is bullish and rising while the MACD is negative and looks like it may avoid what seemed to be a positive cross just last week. The bias is to the upside and over resistance there is also a Measured Move to 29.
Visa, Ticker: $V
Visa, $V, has been consolidating with tightening Bollinger bands since gapping higher in February. The RSI is bullish and now rising and the MACD is improving towards a bullish cross positive as those Bollinger bands expand to the upside. A move over resistance has a Measured Move higher to 135.
Up Next: Bonus Idea
If you like what you see sign up for more ideas and deeper analysis using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits feed and on chartly.
After reviewing over 900 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 as the last week of the first quarter of 2012 comes around suggests beware of window dressing buying potential in hot names. As for Gold it looks back to its old confusion, looking sideways in the intermediate term downtrend in the long term uptrend while Crude Oil consolidates in the 104.81-110 range with a bias higher. Both the US Dollar Index and US Treasuries are biased to the downside in the intermediate term but Treasuries may continue to rally short term. The Shanghai Composite looks to continue lower while Emerging Markets are at support and losing that will follow lower. The Volatility Index still has a harder road to move in the bias direction lower but shows no signs of rising anytime soon. These influencers create a backdrop for the US Equity Index ETF’s SPY, IWM and QQQ to continue to consolidate with in their bullish trends. Their charts tend to agree but this week the SPY and QQQ show signs that the pullback may continue. Use this information as you prepare for the coming week and trade’m well.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
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)
Dragonfly Capital Updates
- SPY Trends and Influencers May 25, 2013
- Cleveland’s Best Linkfest!
- Macro Week in Review/Preview May 24, 2013
- A or B You Decide – It Matters….Maybe
- Premium Earnings 5-24-13
- Lessons From Japan
- Drew’s Tips – Hollow Red Candle
- A Lead for an Earnings Trade in Salesforce.com
- Premium Earnings 5-23-13
- Could Be A Good Spot For a Pullback