Top Trade Ideas for the Week of April 4, 2011: The Rest

• Posted by Greg Harmon
• on April 3rd, 2011

Here are The Rest of the Top 10:

CardioNet, Ticker:$BEAT

CardioNet is approaching previous resistance at 5.00 for the third time since December and from a higher low. The Relative Strength Index (RSI) is in bullish territory and starting to point higher again, but the Moving Average Convergence Divergence (MACD) indicator is basically flat. If it can get over 5.00 then it has resistance at 5.45 followed by 5.75 higher. A stop can be placed just under the 200 day Simple Moving Average (SMA) currently at 4.78.

Citrix Systems, Ticker:$CTXS

Citrix Systems broke out above the ascending triangle Thursday and moved higher Friday. The Bollinger bands are expanding, the RSI is steeply rising and the MACD is increasing as it is breaking higher. Using the break out level near 73 as a stop, this has an initial target of 77 on a Measured Move (MM) comparable to the January to February move, and then 86 on the pattern break out.

Interactive Brokers, Ticker:$IBKR

Interactive Brokers broke through a recent resistance area at 16.10 and now can move higher. The Bollinger bands are expanding as it rises, the RSI is sloping higher, and the MACD is increasing. The next resistance is at 16.75 and then 17.25. Use 16.05 as a stop.

OpenTable, Ticker:$OPEN

OpenTable has been in a rising channel since September 2010. It is now rejecting at the top rail at 107.50, printing back to back hollow red candles. The RSI has flat lined above the technically overbought level and the MACD is rolling lower. This might be a good short back to the 20 day SMA at 94.71, or the 50 day SMA lower coinciding with the lower rail at 89.14. A stop should be placed at 108, and watched closely as the short interest is high at 4.2 days of average daily volume.

Spartech, Ticker:$SEH

Spartech is moving higher off of a base in March with increasing MACD and rising RSI. Resistance comes at the 50 day SMA at 7.94 then 8 and 8.50. A stop can be placed at 7.20.

Up Next: Bonus Idea

The First 5

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which looks to bring higher prices for Gold and Crude Oil. The US Dollar index looks to continue lower as US Treasuries join that move. The Shanghai Composite looks to continue to consolidate but with an upward bias, while the Emerging Market ETF continues the move higher. The Volatility Index should continue in a tame and relatively low range allowing the SPY, IWM and QQQ to continue higher. Of the three the IWM looks the strongest followed by the SPY and then the QQQ.

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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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