Top Trade Ideas: Week Of May 28: The Rest

Here are the Rest of the Top 10:

Atmel, Ticker: ATML



Atmel (ATML), is building a bull flag after a move higher off of the double bottom at the 200 day Simple Moving Average (SMA), out of the Diamond continuation. The Relative Strength Index (RSI) is bullish, but pulling back slightly with a Moving Average Convergence Divergence indicator (MACD) that is rising. Both are supporting further upside price action.

Cabot Oil & Gas, Ticker: COG


Cabot Oil & Gas (COG), is consolidating in a bull flag after moving back up off of the 20 day SMA. The rising and bullish RSI and rising MACD support more upside price action.

Fastenal, Ticker: FAST


Fastenal (FAST), is also consolidating in a bull flag under 52. The RSI is bullish and rising and the MACD is rising too. Both are supporting further upside action.

Home Bancshares, Ticker: HOMB



Home Bancshares (HOMB), has been in a strong trend higher after moving out of consolidation from November to March. It is currently in a small consolidation with a bullish RSI. The MACD is drifting higher.

Northrop Grumman, Ticker: NOC


Northrop Grumman (NOC), is consolidating in a bull flag after moving higher since the sequester announcement in March. The RSI is technically overbought, but holding in the low 70′s with a rising MACD. The volume profile is perfect for a bull flag. Look for a break higher to enter.

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. Heading into the shortened unofficial first week of Summer sees some nervous caution in the markets. Gold looks to consolidate with a downward bias. Crude Oil is churning in the tightening range. The U.S. Dollar Index seems ready for a pullback in the recent uptrend, while U.S. Treasuries are biased lower in their consolidation. The Shanghai Composite looks strong, but Emerging Markets are biased to the downside. Volatility looks to remain benign, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite short term pullbacks and recent new highs. Their charts show more caution with a further pullback or probablr consolidation. Use this information as you prepare for the coming week and trad’em well.

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.

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