Top Trade Ideas for the Week of February 28, 2011: Bonus Idea

• Posted by Greg Harmon
• on February 28th, 2011

Here is your Bonus Idea with links to the rest of the Top 10, enjoy and trade well:

Craft Brewers Alliance, Ticker: HOOK

Craft Brewers Alliance has been in an ascending triangle pattern with a top at 8.05 and the 50 day Simple Moving Average (SMA) as the bottom rail since the beginning of December. This top coincides with a top that occurred in June 2007 as well. With a rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence (MACD) indicator that is positive and crossing higher it looks supportive for a move above the triangle. If it can get over 8.05 then there is resistance at 9.94 and then clear air to a gap between 12.00 and 12.75. This is a very thinly traded stock though so make a part of your book not the focus.

The First 5

The Rest

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 more upside for Gold and Oil. The US Dollar Index is still in critical territory on long term support and looking lower with US Treasuries looking stronger still. Both the Chinese and Emerging markets are set up to continue lower. The Volatility Index may drift in a wider range but is not expected to move materially higher. The US Equity ETF’s, SPY, IWM and QQQQ, all look to continue their moves higher but with caution advised for a possible confirmation of the Hanging Man and a continued short term correction.

(As always you can see details of individual charts and more on my StockTwits 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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