Top Trade Ideas for the Week of March 7, 2011: Bonus Idea

• Posted by Greg Harmon
• on March 6th, 2011

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

TransGlobe Energy, Ticker: TGA

TransGlobe has been in a downward channel but rode the rising 20 and 100 day Simple Moving Average’s (SMA) to break through the downside resistance Friday and close above the 50 day SMA. The Bollinger bands are tightening as these 3 SMA’s converge. If it can hold the break out then it bodes well for a move higher with resistance at 15.75 and then the next resistance at 16.60 followed by 18.40 and finally new highs at 20.15. The Relative Strength Index (RSI) is moving and sloping higher as it moves into bullish territory and the Moving Average Convergence Divergence (MACD) indicator is increasing and crossing up bullishly. Use a stop just under the trendline, which is now support, or the lowest SMA as they pass through the trendline.

The First 5

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 Saturday which looks in the short term to bring new highs for Gold and Oil, with a chance of consolidation within the coming week. The US Dollar Index looks to be headed lower with US Treasuries fate determined by the 20 and 50 day SMA’s. Chinese and Emerging markets look better bid. The Volatility Index appears to be drifting higher with a broader range creating some uncertainty with the broad market Equity ETF’s. The SPY, IWM and QQQQ all look like they have more consolidation in store for them this with a bias to the downside, although within the context of a continued strong uptrend.

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.

blog comments powered by Disqus