Top Trade Ideas for the Week of March 12, 2012: The Rest

Here are the Rest of the Top 10:

Avon Products, Ticker: $AVP

Avon Products, $AVP, found a bottom and started higher after the 50 day Simple Moving Average (SMA) crossed up through the 100 day SMA Thursday. The Relative Strength Index (RSI) held bullish and is turning higher again while the Moving Average Convergence Divergence (MACD) indicator is negative but trending back towards the zero line. These both support more upside. A move up over 19.60 puts it into the gap higher.

Citrix Systems, Ticker: $CTXS

Citrix Systems, $CTXS, is back against resistance at 77 and looking strong. The RSI is bullish and rising and the MACD is negative but trending higher and close to a positive cross. A move over 77 breaks the neckline of an Inverse Head and Shoulders and sets a price objective of at least 97.21.

Dupont de Nemours, Ticker: $DD

Dupont de Nemours, $DD, is testing resistance at 52.10, which was significant back in August and May as well. A move over 52.10 has a Measured Move higher to 61.00. The RSI is bullish and rising and the MACD, although negative, has been improving. Both support more upside and a push through.

Great Lakes Dredge & Dock, Ticker: $GLDD

Great Lakes Dredge & Dock, $GLDD, has been stepping higher since finding a bottom in October. It looks to be moving up out of the latest step now. The RSI is bullish and the MACD is improving, both supporting a move higher. A move over 7.35 starts the next step and a target of 8.55 on a Measured Move.

HollyFrontier, Ticker: $HFC

HollyFrontier, $HFC, is breaking above resistance at 35.45 and heading higher. The RSI is bullish and rising and the MACD is about to cross positive, both supporting more upside. Looking back to the run from December gives a Measured Move to 56.

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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 heading into the new week Gold continues to confuse on a short term basis looking higher in a downtrend in a long term uptrend while Crude Oil consolidates in a higher range with an upside bias. The US Dollar Index seems ready to continue higher while Treasuries continue to consolidate with a bias to the downside. Both the Shanghai Composite and Emerging Markets are consolidating and may continue with a bias to the upside. The Volatility Index looks to have bottomed but also shows no signs of rising soon. These influencers paint a scene for the Equity Index ETF’s SPY, IWM and QQQ to move higher, and after the small pullback last week all of their charts agree and are biased higher with the SPY and QQQ looking a bit stronger than the IWM. 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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