Here are the Rest of the Top 10:
Adobe Systems, Ticker: $ ADBE
Adobe Systems, $ ADBE, is moving lower after making a lower high. The RSI reversed at the mid line and the MACD is heading back lower after a brief rise. Look for more downside.
Ctrip.com, Ticker: $ CTRP
Ctrip.com, $ CTRP, broke through both support and all of the SMA on Friday, ending near the low of the week. There is a ‘M’ pattern in the works and the falling RSI and MACD support it continuing lower.
Jazz Pharmaceuticals, Ticker: $ JAZZ
Jazz Pharmaceuticals, $ JAZZ, moved higher out of a base last week, only to reject at the falling 50 day SMA. The RSI also turned back lower as the MACD leveled. The red Marubozu bodes for more downside.
Johnson Controls, Ticker: $ JCI
Johnson Controls, $ JCI, continued the trend lower last week, ending at a new 2 month low and below the 200 day SMA for the first time since December 2012. With the RSI and MACD both heading lower and moving into the bearish range there looks to be more downside.
Regeneron Pharmaceuticals, Ticker: $ REGN
Regeneron Pharmaceuticals, $ REGN, is heading lower in a 3 Black Crows pattern. It ended the week below the 200 day SMA on a strong red candle, boding for more downside. The RSI is falling back and the MACD has turned down and is about to cross down.
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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 Market Macro picture reviewed Friday which, as the markets close out April, sees equities are looking weak. Elsewhere look for Gold to continue higher while Crude Oil takes a breather and retreats. The US Dollar Index looks better lower while US Treasuries are biased lower in the uptrend. The Shanghai Composite and Emerging Markets both are biased to the downside in the short term with the risk of both just consolidating. Volatility looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves lower. Their charts suggest that the short term will feel some more pain with the QQQ weakest followed by the IWM and then the SPY. Use this information as you prepare for the coming week and trad’em well.
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The post Top Trade Ideas for the Week of April 28, 2014: The Rest appeared first on Dragonfly Capital.