Top Trade Ideas for the Week of June 6, 2016: The Rest

• Posted by Greg Harmon
• on June 5th, 2016

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers

Here are the Rest of the Top 10:

Agrium, Ticker: $AGU

Agrium, $AGU, has trended lower since making a top over 116 to start March 2015. It started rising off of a bottom in February but found resistance as t crossed 90. he pullback from there made a higher low into May and it turned back up. Entering the week it is back at resistance with support to move higher. The RSI is rising in the bullish zone and the MACD is rising. Look for a break of resistance to participate to the upside…..

Biogen, Ticker: $BIIB

Biogen, $BIIB, gapped down in July last year and has drifted lower since. A series of lower highs and lower lows morphed into a bottoming pattern from February through March. And now it has seen a higher high following a higher low in May. The RSI is in the bullish zone and rising while the MACD rises, both supporting more upside. Look for a break of the short term resistance last week to participate to the upside…..

Bloomin’ Brands, Ticker: $BLMN

Bloomin’ Brands, $BLMN, has been moving through a rounded bottom, making a series of higher highs and higher lows since February. Last week saw the stock push back to the May highs, with support for more upside from the bullish and rising RSI and the MACD about to cross up. Look for a break of the May high to participate to the upside…..

Bristol-Myers Squibb, Ticker: $BMY

Bristol-Myers Squibb, $BMY, recovered from the August 2015 drop, rising into the end of 2015. But it fell back with the market from there to a low in February. Since then it has moved higher to a peak at the end of April. It has consolidated the under resistance for more than a month. As it does, the RSI is rising in the bullish zone and the MACD is about to cross up. Look for a break above resistance to participate to the upside…..

Canadian National Railway, Ticker: $CNI

Canadian National Railway, $CNI, ran higher from the February low until peaking in late April. It pulled back from there and found support at the 200 day SMA. It has been consolidating there since. The RSI has started back higher and is moving through the mid line while the MACD is crossed up and rising. Look for a break of resistance to participate to the upside…..

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 first full week of June sees the Equity Indexes looking solid.

Elsewhere look for Gold to bounce higher in consolidation while Crude Oil consolidates its move higher, holding at the round number 50. The US Dollar Index looks better to the downside short term in its broad consolidation while US Treasuries are strong and look to move higher. The Shanghai Composite has a short term bias higher and may have broken a long term pattern to the upside while Emerging Markets are continue to move up.

Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. There charts show some variation in the short run with the IWM leading to the upside, perhaps catching up, while the QQQ has a short term upward bias in consolidation and the SPY looks to be muddled in consolidation after its move higher. Use this information as you prepare for the coming week and trad’em well.

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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 Dragonfly Capital Views Performance Through May 2016 and sign up here

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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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