Top Trade Ideas for the Week of March 31, 2014: The Rest

• Posted by Greg Harmon
• on March 30th, 2014

Here are the Rest of the Top 10:

BP, Ticker: $BP

BP, $BP, completed a pullback last week, establishing another higher low. Crossing the 50 day Simple Moving Average (SMA) Friday, it is on its way again. The Relative Strength Index (RSI) passed through the mid line heading higher as the MACD is crossing up. Both support more upside.

Celgene, Ticker: $CELG

Celgene, $CELG, looks like a hot mess. It continues to move lower with a RSI hugging the 30 level, MACD running lower and the Bollinger bands opening down. With short interest at only 1% it could be exhibiting a rounded topping pattern on its way much lower.

CF Industries, Ticker: $CF

CF Industries, $CF, established a base between 250 and 255 after pulling back from the peak over 265. Friday it started out of consolidation higher. The RSI has held over the mid line and the MACD is turning back higher.

Express Scripts, Ticker: $ESRX

Express Scripts, $ESRX, is a potential bottoming and reversal play with the Spinning Top candle on Friday. The RSI looks as though it is turning but the MACD is not committed to the upside yet.

Royal Bank of Canada, Ticker: $RY

Royal Bank of Canada, $RY, is at resistance at 66 and holding up well. The RSI is slowing its move higher but bullish and the MACD has crossed up, both supporting more 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, as the calendar prepares to turn into April sees the equity markets looking weak. Elsewhere look for Gold to continue lower while Crude Oil continues to move higher. The US Dollar Index looks better to the upside as do US Treasuries, but both with big resistance areas nearby. The Shanghai Composite looks back to its downward price action and but Emerging Markets are biased to the upside with some caution after a big week with short term topping signs. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves lower. Their charts are not so optimistic though with the IWM and QQQ in pullbacks that look to continue while the SPY tries to hold on in consolidation. Use this information as you prepare for the coming week and trad’em well.

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