Top Trade Ideas for the Week of April 18, 2011: The Rest

Here are The Rest of the Top 10 for the week:

Newcastle Investment, Ticker:$NCT

Newcastle is moving higher off of a Hammer reversal on Tuesday last week. Now the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator are suggesting more upside. If it can get over 6.00 then there is resistance at 6.15 followed by 6.5 before the 6.76 area. Tighten up if it gets there, but it has plenty of room for more upside above the 50 day Simple Moving Average (SMA), so do not be so quick to kiss it goodbye.

Satcon Technology, Ticker:$SATC

Satcon is moving back higher reinforcing the Hammer reversal on Wednesday with a bullish Marubozu on Friday. The RSI is sloping steeply higher now and the MACD is improving and looking to cross positive soon. There is some resistance at 3.40 and if it can get through that the next resistance is at the 3.95-4.00 area and then 4.17, the 100 day SMA. Use a stop near 3.20. This is a small cap so size the position accordingly.

Take Two Interactive Software, Ticker:$TTWO

Take Two has been in a descending triangle and bull flag after a strong move higher. The rising 50 day SMA is now looking to help it break out above the formation higher. If it can get over 15.90, the breakout level, then it has resistance 16.50 and then a target of 20. The RSI is currently sloping higher supporting a move higher.

Union Pacific, Ticker:$UNP

Union Pacific is approaching resistance at 99.27 for the 4th time since January. As it moves towards it now the RSI is sloping higher and the MACD is crossing positive supporting more upside. If it can get through 99.27 then it has a target of 106.25 from the 92.25-99.27 channel break and then 120 on a Measured Move (MM).

Pharmasset, Ticker:$VRUS

Pharmasset is consolidating in a bull flag just under 100. The target for a break of the flag higher is 140 on a measured move. That is a long way away. Expect that there will be some resistance at the round numbers 110, 120, 125 and 130. Use a trailing stop or watch it closely. If the flag breaks down lower then there is some support at 85 and then 70 below. The RSI is elevated and has been so for a while so it may take some time for this to play out.

The First 5

Up Next: Bonus Idea

(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 for Gold and Crude Oil to continue higher with the possibility of further consolidation first for Oil. The US Dollar Index looks to continue lower while US Treasuries test resistance higher. The shanghai Composite may pause before moving higher and the Emerging Markets in a range. Low and subdued Volatility should continue creating a good environment for the equity indexes SPY, IWM and QQQ. Both the SPY and IWM look to be heading higher but the QQQ may need further consolidation. Use this information to understand the major trend and how it may be influenced as you prepare for the coming week ahead. 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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