Top Trade Ideas for the Week of July 25, 2011: Bonus Idea

• Posted by Greg Harmon
• on July 24th, 2011

Here is your Bonus Idea with links to the full Top Ten:

AZZ Incorporated, Ticker: $AZZ

AZZ Incorporated, $AZZ, gapped higher above previous resistance at 47.30 after it reported earnings after the close June 30th. After a retest of the gap it is moving higher and testing the resistance at 53 after closing near the high of a big move on Friday. If it can get over 53 it has a Measured Move (MM) to 61. The rising Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator crossing back positive support more upside.

The Best

The Rest

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

After reviewing over 800 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 looks for the move higher in Gold and Crude Oil to continue. The US Dollar Index and US Treasuries conversely are set up to move lower, with a chance of Treasuries just running in place. The Shanghai Composite and Emerging Markets look as though they may test the top of their consolidation ranges. Volatility appears to remain muted and allow for the Equity Indexes SPY IWM and QQQ to continue to test higher and perhaps break their consolidation ranges, with the QQQ already making a new high. 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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