Top Trade Ideas for the Week of August 13, 2012: The Rest

Here are the Rest of the Top 10:

Accenture, Ticker: $ACN

Accenture, $ACN, is approaching historically important resistance at 62. This is also the gap down level from May. As it hits there the Relative Strength Index (RSI) is rising and bullish with a Moving Average Convergence Divergence indicator (MACD) that is positive and slowly rising. Both support a continued move higher. The 3-box reversal Point and Figure chart (PnF) has a bullish price objective of 72. The series of higher lows and higher highs also supports more upside.

Crown Castle, Ticker: $CCI

Crown Castle, $CCI, is building a bull flag between 61.50 and 63. It has a bullish RSI that is turning back higher and a MACD that is averting a cross to negative, both supporting a move higher. The Measured Move takes it to 68 and the PnF has a much higher price objective of 86.

Celgene, Ticker: $CELG

Celgene, $CELG, is finding resistance at the previously important level of 72. It has support for a move higher from the bullish and rising RSI and a MACD that is positive. The PnF has a price objective higher at 81 and the Measured Move out of the current flag takes it to 76.

IBM, Ticker: $IBM

IBM, $IBM, is building a bull flag at resistance at 200, with support for a continued move higher from the rising and bullish RSI and a MACD that is positive. The PnF carries a price objective higher to 226 with the Measured Move higher from the current flag looking at a target of 208.

Phillips 66, Ticker: $PSX

Phillips 66, $PSX, is building a bull flag at 40.50 following a run from a retest of the breakout at 35. The RSI is working off the technically overbought condition and the MACD is positive, supporting further upside. The PnF has a price objective of 61 and the target on a breakout above the flag takes it to 46.50.

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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 new week look like more of the same. Gold and Crude Oil are better to the upside with Oil stronger and Gold having a chance of consolidation. The US Dollar looks to continue to pullback in the uptrend with Treasuries possibly moving higher in the short run, within a pullback. The Shanghai Composite and Emerging Markets are poised to continue higher, at least in the short run for the Chinese market. Volatility looks ready to test the lows of 2005 through 2007. This creates a very positive backdrop for the Equity Index ETF’s. The charts of the SPY and QQQ agree with the inter-market view, while the IWM looks like the best of the three to consolidate the recent gains. 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.

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