Top Trade Ideas for the Week of March 25, 2013: The Rest
- Posted by Greg Harmon
- on March 24th, 2013
Here are the Rest of the Top 10:
Allergan, Ticker: $AGN
Allergan, $AGN, is breaking resistance with support for further upside from a rising and bullish Relative Strength Index (RSI). It has a Moving Average Convergence Divergence indicator (MACD) that is trying to turn higher in support as well.
Cerner, Ticker: $CERN
Cerner, $CERN, moved to resistance Friday with a strong candle advancing higher off of the 20 day Simple Moving Average (SMA). The RSI is bullish and rising and the MACD looks to be turning on the signal line to support further upside.
Dollar Tree, Ticker: $DLTR
Dollar Tree, $DLTR, has been moving higher since touching the 20 day SMA near 44 last week in a 3 Advancing White Soldiers pattern. At resistance a break higher carries a Measured Move to 49.65. The rising and bullish RSI and the MACD turning back higher support further upside price action.
Tesoro, Ticker: $TSO
Tesoro, $TSO, is building its own bull flag as it finds support from the rising 20 day SMA. A Measured Move higher would take it to 64. The rising RSI supports more upside price action and the MACD signal line is leveling , perhaps ready to turn back higher and reinforce a move up.
Wyndham Worldwide, Ticker: $WYN
Wyndham Worldwide, $WYN, is consolidating in a bull flag after moving higher from the 20 day SMA and the Hammer in mid February. A Measured Move higher takes it to 68. The RSI is bullish and turning back higher to support further upside and the MACD may be turning up as well after leveling for a few days.
Up Next: Bonus Idea
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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 what should be a light shortened week starting with Passover and ending with the Good Friday market holiday the markets remain biased higher but the mix is shifting. Gold appears ready to continue the bounce in its intermediate downtrend while Crude Oil consolidates in its uptrend. The US Dollar Index seems ready for some consolidation or a pullback after its recent run while US Treasuries are biased higher in the intermediate downtrend. The Shanghai Composite looks ready to continue the rebound higher while Emerging Markets continue to the downside. Volatility looks to remain subdued, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are biased higher as well but the QQQ looks the best and on the longer timeframe with the SPY next and the IWM perhaps ready for a pullback. Use this information as you prepare for the coming week and trad’em well.
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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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