Top Trade Ideas for the Week of February 19, 2013: The Rest
- Posted by Greg Harmon
- on February 18th, 2013
Here are the Rest of the Top 10:
Allergan, Ticker: $AGN
Allergan, $AGN, is in a rough consolidation, slightly upward sloping, after a move higher from the jumble of Simple Moving Averages (SMA) at the end of 2012. It has a bullish Relative Strength Index (RSI) that has worked off a technically overbought condition and is moving back higher with a a Moving Average Convergence Divergence indicator (MACD) that is stable on the histogram and pulling back on the signal line.
CIT Group, Ticker: $CIT
CIT Group, $CIT, is consolidating under 43 after a continued move higher since early December. It is approaching the 20 SMA, a launching point during this upward move with support for more upside from a bullish RSI and a MACD that is holding on the signal line and flat on the histogram. The Measured Move higher out of the consolidation takes it to 44.70.
Johnson Controls, Ticker: $JCI
Johnson Controls, $JCI, is moving higher in a Deep Crab harmonic pattern. I wrote about it last week here. It is now testing resistance from the January highs and has support for more upside from a rising and bullish RSI and a MACD about to cross to positive.
Steelcase, Ticker: $SCS
Steelcase, $SCS, has been in a loose consolidation between 13.15 and 13.90. The RSI is bullish and moving higher and the MACD signal line is holding after a dip while the histogram is improving towards a cross to positive. The Measured Move higher takes it to 14.80.
Wyndham Worldwide, Ticker: $WYN
Wyndham Worldwide, $WYN, is in a bull flag after moving higher from the recent basing around 56. The Measured move higher on a break of consolidation takes it to 63. The bullish RSI and positive MACD support a move higher.
Up Next: Bonus Idea
If you like what you see sign up for more ideas 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 Saturday which heading into the Presidents Day shortened week sees Gold looks to continue lower toward the bottom of the long term channel as Crude Oil consolidates in the move higher. The US Dollar Index continues towards a test of the top of a broad consolidation with US Treasuries consolidating but biased lower. The Shanghai Composite is biased to the upside and Emerging Markets are biased to the downside short term in their rising trend. Volatility continues to be a no factor creating an environment for the equity index ETF’s SPY, IWM and QQQ, to move higher. Their charts agree, all with a bias higher, with the IWM strongest followed by the SPY and then the QQQ. A hard reversal on Treasuries on major move higher from the US Dollar seem to be the only outside influencers that could derail the equity move higher. Use this information as you prepare for the coming week and trad’em well.
Join the Dragonfly Capital Views Premium Membership
These trade ideas are one piece of the Premium Service, which is complemented by weekly trend analysis, daily earnings plays and access for personalized analysis. Sign up here to get deeper analysis and nearly 50 trade ideas every week.
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
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)
- Premium Earnings 2-22-17: Cheesecake Factory and HP
- Momentum Points to Sector Rotation toward the Russell 2000
- Premium Earnings 2-21-17: TJX
- 4 Trade Ideas in Goldman Sachs: Bonus Idea
- 5 Trade Ideas for Tuesday: Commerce Bancshares, Cirrus Logic, McCormick, Ulta Beauty and Union Pacific
- Top Trade Ideas for the Week of February 21, 2017: The Rest Premium
- Top Trade Ideas for the Week of February 21, 2017: The Best
- SPY Trends and Influencers February 18, 2017
- Macro Week in Review/Preview February 17, 2017
- How This Week’s Top 10 Performed, February 17, 2017
Dragonfly Capital Updates