Top Trade Ideas for the Week of November 14, 2011: The Rest

Here are the Rest of the Top 10:

Apache, Ticker: $APA

Apache, $APA, is is approaching resistance at 105 for the third time in less that a month. As it arrives there the Relative Strength Index (RSI) is bullish and rising and the Moving Average Convergence Divergence (MACD) indicator is positive and has just stopped falling. Both support more upside. If it can get through 105 then it has next major resistance at the 115 area from the summer.

China National Offshore Oil, Ticker: $CEO

China National Offshore Oil, $CEO, is also making a Triple Top at 104. It has the same rising RSI and in bullish territory and also has a MACD that is positive and is reversing the move lower. This can also be viewed as an Inverse Head and Shoulders pattern with the neckline at 204. A move through the neckline would trigger a pattern target of 267, near the previous high from April.

EZCORP, Ticker: $EZPW

EZCORP, $EZPW, in the pay day loan space, the new Financial Leaders, is building a bull flag under resistance at 30 on its trend higher. It has a RSI that is also trending higher and nearly up to the 60 area, and a MACD that is positive and increasing. Both support more upside. Over 30 has some resistance in the 31 area and can start to consider the August highs over that.

Perrigo, Ticker: $PRGO

Perrigo, $PRGO, is rolling higher after the recent Double Bottom at 87 and is now at resistance near 92.50. As it arrives there the RSI is moving up but not yet bullish and not through the mid line. The MACD has been improving since the bottom and is about to cross positive. Bot support more upside. If it can get through 92.50 then the gap at 96.50 is within a quick reach.

Valeant Pharmaceuticals, Ticker: $VRX

Valeant Pharmaceuticals, $VRX, has been creating a series of bull flags as it moves higher off of the low on October 4. The Measured Move (MM) higher from the current flag is to 48 but has resistance at 45.20 to get through first. The rising and bullish RSI and the positive MACD support an effort higher.

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After reviewing over 900 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 once again sees Gold and Crude Oil heading higher next week with the US Dollar index and US Treasuries looking to consolidate, with the Dollar biased higher and Treasuries lower on a break. The Shanghai Composite and Emerging Markets both are poised to head lower. Volatility looks to remain in a lower range with a bias to the downside, supporting movement in the Equity Index ETF’s, SPY, IWM and QQQ to the upside. Again a violent move from either Treasuries or the US Dollar Index is likely to overwhelm the drift higher seen in the charts and force Equities in the opposite direction of the move. Watch and be prepared for it. Use this information as you prepare for the coming week and trade’m 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.

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