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Top 5 Trade Ideas: Week Of November 26, 2012

By (Gregory W. Harmon) |  Stock Markets  |  Nov 26, 2012 05:35AM GMT  |   Add a Comment
 
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Cummins (CMI)
CMI
CMI

Cummins (CMI) is approaching resistance of a falling trend line, which if broken would also be the neckline of an Inverse Head an Shoulders pattern. The price objective would be to at least 118. The bullish and rising Relative Strength Index (RSI) and the flat Moving Average Convergence Divergence indicator (MACD) support a run higher.

Family Dollar Stores (FDO)

FDO
FDO

Family Dollar Stores (FDO) is at a double top as it breaks above a short bull flag Friday. The Measured Move higher on the flag takes it to 72.60. The bullish and rising RSI and the positive MACD both support more upside.

Firstmerit (FMER)
FMER
FMER

Firstmerit (FMER) has been launching higher in a "V" shaped recovery after a bottom at 12.80. Now back at the consolidation range and near the 50-day Simple Moving Average (SMA) it has support for a push higher from the rising RSI about to move into bullish territory and a MACD that is positive and growing. Short interest is still a bit elevated at 9% which could lend it a hand higher.

Ingredion (INGR)

INGR
INGR

Ingredion (INGR) has been building a bull flag between 62 and 63.80 since early November. The RSI remains bullish and the MACD that turned negative is stalling. A move over the top of the flag carries a Measured Move to 70.50.

PerkinElmer (PKI)
PKI
PKI

PerkinElmer (PKI) is moving back to resistance after a brief pullback to the 50 day SMA. Over the top it has a Measured Move higher to 34. The rising and bullish RSI and MACD that is about to cross to positive support more upside as well.

After reviewing over 1,000 charts, these were selected and should be viewed in the context of the broad Market Macro picture reviewed Saturday which, coming out of the Thanksgiving holiday sees the markets set up for a run higher into the end of the year. Gold looks higher in its neutral trend while Crude Oil is set to head higher. The US Dollar Index appears biased lower in the uptrend while US Treasurys also look better lower.

The Shanghai Composite is biased lower but being mindful of a possible double bottom, while Emerging Markets resume their consolidation under long-term resistance. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, and their charts seem to agree, with the lone caution being the recent move higher on decreasing holiday week volume. Let price guide not volume. Use this information as you prepare for the coming week and trade’m well.

Disclaimer: 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 Disclaimer page for my full disclaimer.

Original post
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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