Top Trade Ideas for the Week of August 29, 2016: The Rest
- Posted by Greg Harmon
- on August 28th, 2016
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers
Here are the Rest of the Top 10:
Apache, Ticker: $APA
Apache, $APA, ran higher from a low in February, peaking in May. It rolled over to its 200 day SMA at the start of August and then moved back higher. After the first leg up, it has settled into a bull flag with the RSI pulling back to the mid line and the MACD leveling at zero. Look for a break of the flag to the upside to participate…..
E*TRADE Financial, Ticker: $ETFC
E*TRADE Financial, $ETFC, has moved back higher off of a June low. It found resistance at the point where it gapped lower and pulled back to a higher low at the start of August. That same resistance stopped it again and it fell back to another higher low. Now it is at resistance for the 4th time with the RSI rising into the bullish zone and the MACD crossed up. Look for a break of resistance to participate to the upside…..
Medicines Company, Ticker: $MDCO
The Medicines Company, $MDCO, has made a series of higher highs and higher lows since making a bottom in February. Last week saw a push to another higher high and then consolidation. Friday was a strong move higher and it has support for more upside from a bullish and rising RSI and a rising MACD. Look for a push through resistance to participate to the upside…..
MGP Ingredients, Ticker: $MGPI
MGP Ingredients, $MGPI, trended higher since breaking above a zone in May until peaking at the end of July. From then it pulled back to a higher major low and has now reversed up. It starts the week at resistance and the bottom of the gap with a RSI rising into the bullish zone and a MACD crossed up and rising. Look for a push over resistance to participate to the upside…..
PNC Financial Services, Ticker: $PNC
PNC Financial Services, $PNC, started pulling back from a lower high in June, finding support at the prior low at the end of the month. Since then it has been moving higher in steps. Friday moved out of one of those steps and up to resistance. The RSI is in the bullish zone and the MACD avoiding a cross down. Both are in ranges that support a push higher. Look for a move over resistance to participate to the upside…..
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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 heading into the unofficial last week of Summer ahead of the Labor Day holiday the Equity markets are tired, consolidating at their highs and even pulling back.
Elsewhere look for Gold to continue lower while Crude Oil extends to the upside. The US Dollar Index looks to continue higher short term in its broad range while US Treasuries are biased lower in consolidation. The Shanghai Composite and Emerging Markets are both looking like they will continue lower in the short run, more damaging for the Emerging Markets than the Chinese.
Volatility looks to remain subdued but back at more normal levels keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts have lost all their strength though and suggest they may continue to pause or pullback in the short run. Use this information as you prepare for the coming week and trad’em 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.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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