Top Trade Ideas for the Week of April 2, 2012: The Rest
- Posted by Greg Harmon
- on April 1st, 2012
Here are the Rest of the Top 10:
Covidien, Ticker: $COV
Covidien, $COV, is in a bull flag after breaking above resistance at 51.40 and consolidating then moving higher. It has a bullish and rising Relative Strength Index (RSI) with a Moving Average Convergence Divergence (MACD) indicator that is flat. A bias to the upside. A break above the flag top at 55 has a Measured Move to 59.
EZCORP, Ticker: $EZPW
EZCORP, $EZPW, has been stepping higher off of a low in January and is currently consolidating under resistance at 33. It has a bullish RSI with a MACD that is flat, giving it an upward bias. It also just posted a bullish Golden Cross, with the 50 day Simple Moving Average (SMA) crossing up through the 200 day SMA. A break of the flag higher has a Measured Move to 34 and then little to stop it from the July highs.
Madison Square Garden, Ticker: $MSG
Madison Square Garden, $MSG, has been stepping higher off of a base from August through October. Breaking the latest wedge over 33 it is on the way to a target at 37 on a Measured Move and currently consolidating in another mini bull flag. A break over this flag gives a interim target of 36. The bullish RSI and the positive MACD support the upside case.
Regions Financial, Ticker: $RF
Regions Financial, $RF, is making an ascending triangle with a top at 6.70 after moving higher from a base from 5.75 to 6.00. The RSI is bullish and holding strong with a MACD that is about to cross negative, but at a very shallow angle. A move over 6.70 has a Measured Move higher to 7.70.
Texas Instruments, Ticker: $TXN
Texas Instruments, $TXN, is building a bull flag with a top at 34.20 after a broad move higher from 27.75. A move over 34.20 has a Measured Move to 40. The RSI is bullish and rising with a MACD that is positive and looks to be averting a cross negative.
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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 heading into the new Quarter finds many of the influencers are looking better to the downside in the short term. Gold and Crude oil are biased lower with in their long term and intermediate term uptrends. The US Dollar Index is also looking lower in the short run within an uptrend while US Treasuries just look lower. The Shanghai Composite looks to continue lower with Emerging Markets neutral with a chance to break lower. Volatility looks to continue to be tame and possibly move lower. These influencers give a backdrop for the US Equity Indexes SPY, IWM, QQQ, to continue higher and their charts agree but not so strongly in the short run. The QQQ continues to look the best with the SPY next, looking better higher with a chance of consolidation while the IWM continues to move sideways. Use this information as you prepare for the coming week and trade’m well.
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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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