Top Trade Ideas for the Week of March 28, 2011: The Rest

Here are The Rest of the Top 10 Ideas:

Atlas Pipeline Partners, Ticker:$APL

Atlas Pipeline Partners is at it again building a bull flag after yet another run higher. The last flag took a long time to work off the overbought Relative Strength Index (RSI) condition and the Moving Average Convergence Divergence (MACD) indicator, although positive, is declining, so be prepared to wait. If it does move and can get over 34.75 it has a Measured Move (MM) to 39.75, and then 43.75. A stop can be placed at 33.

Intercontinental Exchange, Ticker:$ICE

Intercontinental Exchange has just moved over the mid point of the Bollinger bands, and is now ready to move higher. The MACD is about to cross bullishly and the RSI is rising. If it can get through resistance at 130 then the next area of resistance is at 135. If it fails before 135 then it sets up the possibility of a Head and Shoulders pattern on a retracement to 121.80. Through that level would trigger a target of at least 108.60, but with lots of support along the way.

iPath DJ-UBS Coffee TR Sub Index ETN, Ticker:$JO

The Coffee ETF, JO, has had a very discernible pattern since June that I have written about previously. As the Price breaks the Bollinger bands and the RSI peaks with a MACD cross bearishly it then falls to at least the 50 day Simple Moving Average (SMA) if not the 100 day SMA. From that point a MACD cross higher brings it back to the top of the Bollinger bands. Watch for a MACD cross up to enter long then and ride it to top of Bollinger bands again.

Molycorp, Ticker:$MCP

The Molycorp chart has a lot going on. It has risen off of support at 42 and is moving higher. It is testing the Fibonacci level ay 54.43 after moving above an ascending triangle. The break out level coincided with a move above the 20 and 50 day SMA’s. It is now testing the top of the Bollinger bands as they are expanding. The MACD is rising as hits the 54.43 resistance, and if it can get through then the next resistance comes at 62.94 and then a pattern target over 66. A stop can be placed at 53.

Salix Pharmaceuticals, Ticker:$SLXP

Salix Pharmaceuticals is in an ascending triangle with the resistance at 34.25, after the big fall in late February. if it can get over 34.25 it first encounters resistance at 36 followed by 40 and then 44. The MACD is increasing and the RSI is rising both facilitating further upside. use the break out level as a stop and then trail it higher.

Up Next: Bonus Idea

The First 5

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

After reviewing over 700 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 looks to bring better prices for both Gold and Crude Oil, and continuing devaluation of the US Dollar Index but with the potential for it to start the week higher. US Treasuries appear to be consolidating with a bias lower. The Shanghai Composite and Emerging Markets are both biased higher, but with the expectation of a continued consolidation on the Emerging Markets side. The Volatility Index looks biased lower, with tight upside risk, and will allow for the SPY, IWM and QQQ to continue higher, with all three mindful of a lower close Monday reversing this bias.

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.

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