Top Trade Ideas: Week Of December 31, 2012
Dragonfly Capital | Dec 31, 2012 12:53AM ET
AsiaInfo-Linkage (ASIA) fell from a top at the 200-day Simple Moving Average (SMA) at the beginning of the month finding a bottom last week at 10.35. Now through the 50 day SMA and moving higher it has support from a rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that has crossed to positive. CIT Group (CIT)
CIT Group (CIT) is consolidating in a bull flag between 38 and 38.60 after rising from a base at 37. A move over 38.60 carries a Measured Move higher to 40.20, closing the gap. The RSI is trending higher slowly but not yest in bullish territory with a MACD that is flat and may be crossing to negative. This happens in bull flags so it could reverse back higher on a break.
Dresser-Rand (DRC)
Dresser-Rand (DRC) is approaching a triple top at 56. As it arrives there, the RSI is in bullish territory and the MACD is positive. These support further upside price movement.
Express Scripts (ESRX)
Express Scripts (ESRX) gapped lower November 6th and continued down to 50. After retesting the breakdown area near 55.60 it is tailing lower again. The RSI also failed just over the midline and is heading lower with a MACD that is about to cross to negative. Both support further downside movement.
Olympic Steel (ZEUS)
Olympic Steel (ZEUS) is building a bull flag with a Hammer Friday, to emphasize a potential break out higher. That would carry a Measured Move higher to 25.40. The RSI is bullish and has worked off the technically overbought condition with a MACD that is positive but fading.
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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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