A Few More: Top Trade Ideas for the Week of January 10, 2011

Following on from the Top Trade Ideas here are a few more to look at this morning. I still have a few more up my sleeve. If the market looks ripe I will share them.

Ex1. FedEx, Ticker: FDX

FedEx has been on the watchlist for a few weeks because of the bull flag over the support/resistance level of 92. The Moving Average Convergence Divergence (MACD) indicator is now leveling out and the Relative Strength Index (RSI) has remained stable over 50, so it may be ready to break higher. If it can get above 94.25 moving higher then the target on a measured move would be 101.

Ex2. Netflix, Ticker: NFLX

There are lots of eyes on this momentum driven stock lately looking for it to go both ways. What I see is a clear basing has been occurring based on the RSI remaining bullish, never getting below 40, and the MACD starting to turn more positive. Notice as well that the Bollinger bands are getting very tight so near term timing of a move seems appropriate. If the price can get above the 20 day Simple Moving Average (SMA) at 181.38 and then through 184 look for 189 and then 200 as resistance before trying 210 again.

Ex3. Sohu.com, Ticker: SOHU

This stock has based out of a bottom along the Fibonacci fan line two weeks ago and has passed upward through the resistance area of the gap from late October Thursday last week. The MACD crossed higher then and the RSI is piercing through the 50 level. Look for this stock to run higher to at least the 71.29-.36 area, the 50 day SMA and support area in November and if it can get through that a test of 76.91.

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

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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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