Top Trade Ideas This Week: Chart Industries, State Street, Visa & More
Dragonfly Capital | Apr 22, 2013 12:41AM ET
Here are the Rest of the Top 10:
Chart Industries, Ticker: GTLS
Chart Industries, GTLS, is testing support at 74 for the second time in short order. It has a falling Relative Strength Index (RSI) that is making a new low, but not yet moving into bearish territory, with a Moving Average Convergence Divergence indicator (MACD) that is continuing to fall. These support more downside price action. Short interest is a bit elevated but not extreme at about 10%. This reports Thursday before the open.
McGraw-Hill, Ticker: MHP
McGraw-Hill is building a bull flag as it consolidates after reversing in the bullish Shark pattern and achieving the Initial Price Objective at 51.32. It has a bullish RSI but that is drifting lower, and a MACD that is rolling over. These can happen in consolidation but could signal a breakdown coming as well. See which it gives you. State Street, Ticker: STT
State Street, STT, put in a long handled Hammer reversal candle Friday after reporting earnings. This was at support at 56 and on high volume. A move higher Monday confirms a reversal. The RSI held over 40 in bullish territory but the MACD continues to point lower.
Telephone & Data Systems, Ticker: TDS
Telephone & Data Systems, TDS, is consolidating the move off of the bottom at 20.75. It has a rising RSI at the mid line and a MACD that is moving higher to support a continued push up.
Get The News You Want
Visa, Ticker: V
Visa, V, pulled back to retest the breakout area and the 50 day Simple Moving Average (SMA) and has been holding. The RSI has held over the mid line and may be turning higher with a MACD that is improving on the histogram and may be turning on the signal line.
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 Saturday which, moving beyond the April Expiry for options the markets are a bit more damaged and showing more mixed signs of strength and weakness. Gold looks to continue to bounce in a bear flag while Crude Oil sits at long term support/resistance but looks better lower. The US Dollar Index is again showing signs of strength while US Treasuries continue higher. The Shanghai Composite and Emerging Markets remain biased to the downside with the Chinese market potentially ready to reverse that trend. Volatility looks to remain subdues and may have given a key signal on its spike keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are mixed though with the QQQ the strongest and the IWM the weakest. Use this information as you prepare for the coming week and trad’em well.
Disclosure: 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 Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.