Top Trade Ideas for the Week of January 21, 2014: The Rest
- Posted by Greg Harmon
- on January 20th, 2014
Here are the Rest of the Top 10:
Abraxas Petroleum, Ticker: $AXAS
Abraxas Petroleum, $AXAS, is rising off of the 100 day Simple Moving Average (SMA) and a possible Double Bottom at 3.03. It has a rising Relative Strength Index (RSI) and a MACD that is turning up and about to cross the signal line. Both support more upside.
Cerner, Ticker: $CERN
Cerner, $CERN, is touching resistance at the 55.75 level, which has been important as both resistance and support since late October. As it touches this time the RSI is making a new higher high as it rises through the mid line and the MACD is turning higher, both supporting further price movement higher.
Kraft Foods, Ticker: $KRFT
Kraft Foods, $KRFT, is breaking resistance of the long symmetrical triangle at 54.20. It has support to push higher from the rising and bullish RSI and a rising MACD. A break of the triangle carries a target move of $7.35.
Royal Bank of Canada, Ticker: $RY
Royal Bank of Canada, $RY, is moving up off of a higher low at 64.78. It has support for more upside from a rising RSI and a MACD that is turning up.
Tyco International, Ticker: $TYC
Tyco International, $TYC, is approaching resistance as it consolidates in a range between 40.25 and 41.60. The RSI is bullish but the MACD is pulling back. Look for a break out higher to turn the MACD back up.
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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 Friday which, as the new week begins sees the equity markets look mixed but biased higher. Look for Gold to continue higher short term in its downtrend while Crude Oil rises in the consolidation zone lower. The US Dollar Index seems ready to move higher while US Treasuries are also biased higher in consolidation. The Shanghai Composite and Emerging Markets remain biased 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 mixed with the SPY the weakest and looking like consolidation at best in the short run, with the QQQ next and the IWM the strongest looking higher. 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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