Top 5 Trade Ideas: Week Of December 17, 2012
Dragonfly Capital | Dec 17, 2012 12:13AM ET
Amsurg (AMSG) has been moving higher off of a basing at 27 and is currently in a bull flag. A move over the top of the flag carries a Measured Move to 31.25. There are some signs of topping candles, though, so wait it. The Relative Strength Index (RSI) is bullish and the Moving Average Convergence Divergence indicators (MACD) are positive, both supporting a continued upside move in price.
Beam (BEAM)
Beam (BEAM) played lower out of a rounded top before finding support just above a 50% retracement of the move higher. After breaking the downtrending resistance it has launched higher, and is currently in a bull flag. A break of the flag higher has a Measured Move to 70. The RSI is working off a technically overbought condition with a MACD that is positive, both supporting more upside.
Blackrock (BLK)
Blackrock (BLK) is consolidating after achieving the Measured Move higher to 200 from the last base at 187.50. The Bullish Engulfing candle Friday, if confirmed higher Monday, supports the start of the next leg higher with a Measured Move to 212.50. The bullish RSI and Positive MACD both support that next leg as well.
Cognizant Technology (CTSH)
Cognizant Technology (CTSH) is also building a bull flag, at resistance of the October high. The measured Move on a break higher takes it to 80. The RSI is technically over bought, so it might consolidate while it works off that condition, and the MACD is positive.
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Micron Technology (MU)
Micron Technology (MU) is also flying a bull flag, at quadruple top resistance. A move over the top carries a Measured Move higher to 8.15. The RSI is bullish but also technically overbought with a positive MACD.
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 Original post
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