Top Trade Ideas for the Week of July 30, 2012: The Rest
- Posted by Greg Harmon
- on July 29th, 2012
Here are the Rest of the Top 10:
W.W. Grainger, Ticker: $GWW
W.W. Grainger, $GWW, pulled back to the 50% Fibonacci level from its long move higher over August 2011 to April 2012 period. Following some basing it has moved higher and is now breaking a bull flag higher. It has support for a continued run from a rising and bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is positive. The Measured Move higher out of the flag takes it to 225, an new high. The 3-box reversal point and Figure chart (PnF) carries a loftier target with a price objective of 270. Short interest is elevated, but not extreme at about 7%.
Mentor Graphics, Ticker: $MENT
Mentor Graphics, $MENT, is back on the radar as it approaches the neckline of an Inverse Head and Shoulders again at 15.70. The price objective of the pattern if triggered is 22.90. The rising RSI and positive MACD support a break higher.
Mosaic, Ticker: $MOS
Mosaic, $MOS, is reaching resistance from 2 weeks ago ans well as February and March. As it approaches it has a bullish and rising RSI to support further upside with a flat MACD. It also has a PnF price objective of 88. Over resistance it has a Measured Move to 61 to complete with long term support/resistance near at 64.50.
M&T Bank, Ticker: $MTB
M&T Bank, $MTB, is back at resistance at 87 with a rising RSI and a MACD that averted a cross to negative and is now growing. Both support further upside. The PnF price objective stands lower at 66 , but a print of 88 will reverse that higher, breaking a quadruple top.
Skyworks Solutions, Ticker: $SWKS
Skyworks Solutions, $SWKS, is approaching the top of an ascending triangle at 29. A break higher has a Measured Move to 34.75. The RSI is in limbo but moving higher with a MACD that is positive, and the PnF has a price objective of 40.
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After reviewing over 1,000 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 height of summer and the Olympic fortnight the markets are looking up, although not all equally. Gold and Crude Oil are looking to continue to move higher with a chance that Gold consolidates. The US Dollar Index and Treasuries are poised to continue their pullbacks within the uptrend. The Shanghai Composite is heading lower while Emerging Markets may consolidate their recent move higher before continuing. Volatility looks to remain subdued allowing for the Equity ETF’s SPY, IWM and QQQ to continue higher. The bias in the US Dollar Index and Treasuries support more upside for equities as well. Looking at their charts shows that the SPY is the strongest and looks to continue higher while the QQQ is next followed by the IWM, both of which need to break above consolidation areas to look more healthy to the upside. 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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