Top Trade Ideas for the Week of March 21, 2011: Bonus Idea

• Posted by Greg Harmon
• on March 20th, 2011

Here is your Bonus Idea with links to the full Top 10:

Emulex, Ticker:$ELX

Emulex has been basing the past few day at the 10.00 support level. Friday it printed a bullish Hammer/doji reversal candle. If this confirms Monday with a move above support at 10.00 then resistance comes at 10.25 and then 10.65 beyond that. The Moving Average Convergence Divergence (MACD) indicator is flat but not improving, and the Relative Strength Index(RSI) may be bouncing off of the technically oversold condition but not certain yet. It may take a couple of days to confirm. Once moving a stop could be placed at 9.90.

The First Five

The Rest

(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, Crude Oil and US Treasuries to move higher, with the US Dollar Index continuing lower. The Shanghai Composite and Emerging Markets appear to need more time to consolidate with China biased higher and Emerging markets lower. The Volatility Index looks to continue higher and make for an environment where US Equity ETF’s, SPY, IWM and QQQQ, will continue lower for the week if not right from Monday.

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Double Top Secret Bonus Idea:

Dorman Products, Ticker:$DORM

Dorman Products rose higher to resistance on Friday at the 37.29 Fibonacci level. If it can get through that level then there is resistance at 38.50 followed by 40 and then 42.50. The Relative Strength Index is steeply sloping higher and in bullish territory and the Moving Average Convergence Divergence indicator is crossing up bullishly. This one is a little thinly traded and not well followed so lets see if we can sneak it past the masses.
Trade’m well.

Curious if you saw this one. Let me know. Hehehe.

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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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