Top 5 Trade Ideas: Week Of November 12, 2012
Dragonfly Capital | Nov 12, 2012 12:59AM ET
Deere (DE) pulled back to support after testing the high from February. Friday it closed the open gap and printed a bullish engulfing candle. The Relative Strength Index (RSI) held in bullish territory on the pullback and the Moving Average Convergence Divergence indicator (MACD) stopped its negative growth. This is a potential reversal play.
F5 Networks (FFIV)
F5 Networks (FFIV) spent all of last week moving higher in a crappy market, building a bull flag to end the week. There are some topping tails so caution is warranted before an entry. The RSI is trending higher and the MACD is about to cross to positive, both supporting further upside.
Chart Industries (GTLS)
Chart Industries (GTLS) continued its move lower last week and is now near previous support from the summer months. The RSI is technically oversold and the volume is slowing as it eases into that support. A break of support lower triggers a potential short entry but with the oversold condition a tradeable bounce is possible as well. Look both ways.
Bank of the Ozarks (OZRK)
Bank of the Ozarks (OZRK) moved higher Friday off of previous support and the 200 day Simple Moving Average (SMA). The RSI may be turning higher again with a MACD that has started to improve. Watch for a move over the 50-day as a long entry.
Weight Watchers (WTW)
Weight Watchers (WTW) moved higher Friday to resistance and a triple top. Over resistance has a Measured Move to 62.50. The RSI is bullish and moving higher with a MACD that is positive and growing.
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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 Original post
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