Top Trade Ideas for the Week of May 2, 2011: The Rest

Here are The Rest of the Top 10 for the week:

Garmin, Ticker:$GRMN

Garmin has been in a long ascending triangle since November 2010 with the upper rail resistance at 35. If it can break above that rail then there is resistance at 36 and 39 on the way to the target from the pattern at 41.50. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator do not support upside at this time so wait for the breakout to join in. Earnings announced on May 4th may be a catalyst.

Green Mountain Coffee, Ticker:$GMCR

Green Mountain Coffee is in a bull flag and breaking the flag higher. If it can get over 67.50 then it has a Measured Move (MM) to 75 before there is clear air to move higher. The RSI is rising and the MACD is beginning to improve, but most notable the Bollinger bands (BB) are very tight. Earnings are released May 3rd.

Petrohawk Energy, Ticker:$HK

Petrohawk has been moving higher in a series of bull flags. It is now approaching a double top at 27.50 with rising Simple Moving Averages (SMA) and a bullish RSI near 70. If it can get through 27.50 then it has resistance at 28.20 and then a target on a MM to 30. Earnings for Petrohawk are released on May 5th.

Krispy Kreme Doughnuts, Ticker:$KKD

Krispy Kreme is moving higher out of a base around 5.30-5.50 just under the 200 day SMA. If it can break the 200 day SMA and move higher then it has resistance at 5.99 followed by 6.30. The rising RSI and MACD that is increasing support more upside. Earnings not until the end of the month. Place a stop around 5.50 after the break higher.

World Acceptance, Ticker:$WRLD

World Acceptance is testing a double top at 68.20. If it can get over that then the target on a MM is at 74. With a MACD that is increasing and a RSI that is rising and bullish, look for more upside. Use the break out as a stop level.

The First 5

Up Next: Bonus Idea

(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 cautiously higher for both Gold and Crude Oil. The US Dollar Index looks to continue it death march lower searching for new all time lows while US Treasuries continue to favor the upside. The Shanghai Composite on support has more downside potential and the Emerging Markets look to be in a range, with a bias higher. Low and stable Volatility look to continue to support an environment for the Equity Index ETF’s, SPY, IWM and QQQ to move higher, with the SPY and IWM looking to have the best prospects in the short term. 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.

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
Dragonfly Caps Blog