5 Top Trade Ideas For This Week: AMTD, AZN, COST, IP, REGN
Dragonfly Capital | Sep 19, 2016 01:04AM ET
Here are the Rest of the Top 10:
TD Ameritrade Holding Corporation (NASDAQ:AMTD)
TD Ameritrade, AMTD, moved higher off of an early July low to rising trend resistance Thursday and held there Friday. With momentum supporting the upside as the RSI is in the bullish zone and the MACD about to cross up it makes for a trade opportunity. Look for continuation to participate to the upside…..
AstraZeneca PLC (NYSE:AZN)
AstraZeneca, AZN, ran in a falling channel at the end of 2015 and fell out of it to the downside to start 2016. It consolidated there for 6 months and then lifted higher. A quick 1 week move met resistance and consolidated in a bull flag until Friday. The RSI is bullish and rising while the MACD is crossed up. Look for continuation to participate to the upside…..
Costco (NASDAQ:COST)
Costco, COST, rose from a low in May to a peak in July. It consolidated there for nearly 2 months before pulling back. Thursday saw a push higher and a hold there Friday. The RSI has been oversold and is now moving up with the MACD turning up as well, towards a cross. Stalling price action in the fall, maybe reversing, and a positive divergence in momentum. Look for a move higher to participate to the upside…..
International Paper Company (NYSE:IP)
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International Paper, IP, started higher in February after a deep pullback. It stalled in the spring before starting back higher again in July. That move found resistance in late August, just under 50. It has consolidated since. Friday saw a push higher which makes it interesting. The RSI is in the bullish zone and rising with a MACD tuning back up. Look for a push through 50 to participate to the upside…..
Regeneron Pharmaceuticals Inc (NASDAQ:REGN)
Regeneron Pharmaceuticals, REGN, fell from a high near $600 in November to a low in February nearly 40% lower. It has consolidated in a wide range since then, finding a lower low in June. Since then it rose to the 200 day SMA and then got knocked back in a falling channel. Friday saw it break that channel to the upside and move back over the 50 day SMA. The RSI is moving higher again and the MACD is crossing up. Look for continuation to participate to the upside…..
Up Next: Bonus Idea
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 Market Macro picture reviewed Friday which as the books closed on September Options Expiration saw the markets again teetering between bullish and bearish.
Elsewhere look for Gold to test support here and if it fails see a move lower while Crude Oil continues down. The US Dollar Index has short term strength and should continue higher while US Treasuries consolidate in their pullback. The Shanghai Composite is biased to the downside at support and Emerging Markets look to continue consolidation in the down draft.
Volatility looks to remain in the normal range keeping the bias neutral to higher for the equity index ETF’s SPDR S&P 500 (NYSE:SPY), iShares Russell 2000 (NYSE:IWM) and PowerShares QQQ Trust Series 1 (NASDAQ:QQQ). Their charts all flash consolidation in the longer timeframe but on the shorter one the IWM and SPY are at risk of more pullback while the QQQ heads higher. Use this information as you prepare for the coming week and trad’em well.
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