Top Trade Ideas for the Week of June 30, 2014: Bonus Idea

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

Here is your Bonus Idea with links to the full Top Ten:

Biogen Idec, Ticker: $BIIB

Biogen Idec, BIIB, has built a Cup and Handle pattern and is testing the top of the pattern for a break out. A move over 322 carries a Measured Move higher to 372. The RSI is in the bullish zone and rising with a MACD that is crossing up and positive as well as the accum/dist statistic that has been rising. There is resistance higher at 331 and 347 followed by 355 and then free air higher. Support may come lower at 312 and 304 followed by 288 and 280.

Trade Idea 1: Buy the stock on a move over 322 with a stop at 310.

Trade Idea 2: Buy the July 320 Calls (offered at $6.40 late Friday) on the same trigger.

Trade Idea 3: Buy the July/August 325 Call Calendar ($6.70).

Trade Idea 4: Buy the August 325/350 Call Spread and sell the August 300 Put ($1.60).

Premium Content
The Best

The Rest Premium

Free Content
The Rest

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 Friday which, sees Monday closing the 2nd Quarter and then we head into July with the equity market still looking strong. Elsewhere look for Gold to continue in its uptrend while Crude Oil may continue to consolidate in its uptrend. The US Dollar Index is in another short term downtrend while US Treasuries are biased higher, but may need a very short pullback first. The Shanghai Composite continues to grind sideways with Emerging Markets pulling back or consolidating in their uptrend. Volatility looks to remain minuscule keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show that the SPY and IWM gained some strength to end the week but are still in a range while the QQQ is rising and very strong. Use this information as you prepare for the coming week and trad’em well.

Get my book, Trading Options: Using Technical Analysis to Design Winning Options Trades.
____________________________________________________________________________________________________

Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through June 2014 Expiry and sign up here

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