Top Trade Ideas for the Week of February 21, 2012: The Rest

Here are the Rest of the Top 10:

The Bank of New York Mellon, Ticker: $BK

The Bank of New York Mellon, $BK, is at resistance at 22 for the 4th time since falling below it in August. You know what they say about Quadruple Tops right? There are none. It has popped through a couple of times briefly but failed each time. One thing different this time is that it is over the 200 day Simple Moving Average (SMA), where it has not been since May. It has a favorable and bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence (MACD) indicator that has crossed positive, supporting a push higher. The long term support /resistance at 24 is above.

Hudson City Bancorp, Ticker: $HCBK

Hudson City Bancorp, $HCBK, has continued the bull flag, slightly tightening the range, since early January and now holding over the 200 day SMA. A move above it higher has a Measured Move to 7.75. The RSI has held in bullish territory and the MACD is approaching the zero line, with the 50 SMA about to print a Golden Cross, crossing up through the 200 day SMA.

Hess, Ticker: $HES

Hess, $HES, has run higher from a bottom at 55 and through previous resistance, now support, at 61.80. It sits at resistance at 65.75 now with a bullish and rising RSI and a MACD that is positive and growing. Above that resistance there is a relative void in previous volume until 68.75.

Lockheed Martin, Ticker: $LMT

Lockheed Martin, $LMT, is building a bull flag with a top at 88.55 after a rise from 81. A break above it has a Measured Move to 97. The RSI is bullish and strong while the MACD has been fading, but is now averting a cross and heading higher.

McKesson, Ticker: $MCK

McKesson, $MCK, is in a wide bull flag between 81 and 83 after moving higher off of the Hammer at 76 in January. A move over the flag has a Measured Move to 89 and gets it into a an area relatively devoid of previous volume. The RSI supports more upside as it sits in bullish territory and is rising, as does the MACD which is moving back higher after a 1 day stint in negative territory.

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The Best

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After reviewing over 900 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 Saturday which heading into next week sees Gold continuing to be an enigma, consolidating in a intermediate term downtrend in a long term uptrend, while Crude Oil is breaking higher and looks to continue. The US Dollar Index and Treasuries are in consolidation zones but both are biased lower. The Shanghai Composite and Emerging Markets look ready to continue higher with Emerging Markets perhaps consolidating. The Volatility Index looks to remain low and perhaps test the low support. These influencers create an atmosphere for the Equity Index ETF’s, SPY, IWM and QQQ to continue higher and their charts generally agree, with the exception of the IWM that may consolidate or pullback. Use this information as you prepare for the coming week and 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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