Top Trade Ideas for the Week of April 21, 2014: The Rest

• Posted by Greg Harmon
• on April 20th, 2014

Here are the Rest of the Top 10:

Bristol-Meyers Squibb, Ticker: $BMY

Bristol-Meyers Squibb, $BMY, made a double bottom last week and is moving back higher. Both the RSI and MACD are moving back higher along with price as the MACD is about to cross up. It touched the 200 day SMA a spot it had not seen since January 2nd 2013.

Marvell Technology, Ticker: $MRVL

Marvell Technology, $MRVL, also bounced last week at recent support and the 100 day SMA. Both the RSI and MACD are turning back higher as price moves up through the 50 day SMA.

PetroQuest Energy, Ticker: $PQ

PetroQuest Energy, $PQ, had a large move higher off of a double bottom at 3.70. Consolidating in a wide range from 5.40 to 5.80, it printed a bullish Marubozu candle Friday. The RSI is starting back higher after holding at the mid line and the MACD is leveling.

Telephone & Data Systems, Ticker: $TDS

Telephone & Data Systems, $TDS, has been moving higher since the end of February. Over the last 3 weeks it has consolidated in a bull flag under the 200 day SMA with a RSI that is bullish and a MACD that is pausing in the shallow pullback as it touches the signal line.

TransGlobe Energy, Ticker: $TGA

TransGlobe Energy, $TGA, is pressing against the top of a consolidation zone at the 200 day SMA. The RSI is pushing up away from the mid line and the MACD has crossed up.

Up Next: Bonus Idea

The Best

If you like what you see sign up for more ideas, better charts and deeper analysis using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits feed and on chartly.

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, heading into the May options cycle sees the equity markets as mixed. Elsewhere look for Gold to continue lower while Crude Oil continues to move up. The US Dollar Index seems ready to move sideways or pullback while US Treasuries are biased higher. The Shanghai Composite and Emerging Markets are both in consolidation mode with the Chinese market looking better lower and Emerging Markets biased to the upside. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, and potentially signaling for a new all-time high to come in the S&P 500. The equity Index ETF’s themselves paint a mixed picture with all rising on the short term, but the SPY the strongest and back at the consolidation zone, while the IWM and QQQ still have a lot of work to do to remove the intermediate term downward bias. Use this information as you prepare for the coming week and trad’em well.

____________________________________________________________________________________________________

Want to learn more about Dragonfly Capital Views?

Dragonfly Capital Views Performance Through April 2014 Expiry and sign up

Get my book, Trading Options: Using Technical Analysis to Design Winning Options Trades from Amazon.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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