Top Trade Ideas for the Week of July 25, 2016: The Rest

• Posted by Greg Harmon
• on July 24th, 2016

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers

Here are the Rest of the Top 10:

Advance Auto Parts, Ticker: $AAP

Advance Auto Parts, $AAP, gapped lower in November and then ran to under the 200 day SMA. It continued lower into February before bouncing back to the 200 day SMA. A pullback in May found support at the February lows, and it rose. Now with a Double Bottom in place it is back at resistance, and over the 200 day SMA. The RSI is bullish and the MACD is rolling over, but positive. Look for a break over resistance to participate to the upside…..

L Brands, Ticker: $LB

L Brands, $LB, made a top in November and then rolled over. It took a sharp drive lower in February before a bounce and then continued lower to an ultimate bottom in May. Since then it has made a higher low against resistance. The RSI is rising ad bullish and the MACD moving higher. Look for a break of resistance to participate to the upside…..

Palo Alto Networks, Ticker: $PANW

Palo Alto Networks, $PANW, made a possible double bottom in June and has since made 2 higher lows and higher highs. A nascent uptrend. Last week it consolidated as it made that marginal new high, at the falling 50 day SMA. The RSI is moving up and over the mid line with the MACD rising, both supporting more upside. Look for a push over resistance and the 50 day SMA to participate to the upside…..

Veeva Systems, Ticker: $VEEV

Veeva Systems, $VEEV, went through a long bottoming process before starting higher in May. After consolidating in June it fell to the downside but recovered quickly to make a higher high. After a slight pullback it is consolidating again. Friday saw a wider range candle end at the top of the range. The RSI is bullish and the MACD is falling, but still positive. Look for a break of consolidation to the upside to participate…..

Vulcan Materials, Ticker: $VMC

Vulcan Materials, $VMC, had a strong run higher off of the February bottom. It consolidated in June and then started higher again. That move has stalled the last two week with another consolidation zone. The RSI is in the bullish zone and the MACD is flat, testing the signal line. Look for a push over consolidation to participate to the upside…..

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After reviewing over 1,000 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 heading into the last week of July finds the weather is hot and so are the Equity markets.

Elsewhere look for Gold continue to consolidate the pullback in its uptrend while Crude Oil moves lower in its uptrend. The US Dollar Index looks to continue to move higher in its broad 18 month consolidation while US Treasuries consolidate in their uptrend. The Shanghai Composite looks to drift sideways with an upward bias and Emerging Markets may need to consolidate further before assaulting long term resistance.

Volatility looks to remain at abnormally low levels keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The QQQ looks the strongest and ready for more upside on both timeframes. The SPY and IWM look a bit extended on the longer timeframe with the IWM consolidating on the short timeframe and the SPY looking to move higher. Use this information as you prepare for the coming week and trad’em well.

Dragonfly Capital is expanding its normal Mid Summer Sale. Instead of the normal 10% off an Annual Subscription, you can now get 20% off of the first year! That is only $499 for the first year! This offer will not be around past the weekend though. Don’t miss out. Sign up here.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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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