Trade Ideas for the Week of August 25, 2014 on Burger King, Broadwind Energy, ConnocoPhillips and more
Burger King Worldwide, Ticker: $BKW
Burger King Worldwide, $BKW, had a long run higher from October until peaking under 28 in March. Since then it has consolidated on a symmetrical triangle and is now pressing against the top rail. The RSI is rising and bullish and the MACD is also rising, both supporting higher price action. Short interest is high over 9%.
Broadwind Energy, Ticker: $BWEN
Broadwind Energy, $BWEN, pulled back from a top at 13.50 and has gone through a rounded bottoming process since mid June. The price moved above the 50 day SMA last week for the first time since it started lower and the RSI is rising along with the MACD.
ConocoPhillips, Ticker: $COP
ConocoPhillips, $COP, ran higher from February until it found a top in July. It has pulled back quickly since then and has been consolidating over 79.50. It has just touched the rising 100 day SMA and the MACD is about to cross up to join the rising RSI.
MBIA, Ticker: $MBI
MBIA, $MBI, made a double bottom at about 9.25 from July to August. It is now moving higher and consolidating under resistance at 10.50. The RSI is on the edge of a move into the bullish zone and then MACD is rising, both supporting more upside price action. Short interest is high at over 9% too.
NetSuite, Ticker: $N
NetSuite, $N, has been trending higher along rising support since June. The RSI is rising and near a cross into the bullish zone and the MACD is about to cross up. These support more upside.
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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, heading into the last week of Summer sees the equity markets looking strong and ready for more. Elsewhere look for Gold to continue lower in its intermediate term consolidation phase while Crude Oil continues lower. The US Dollar Index and US Treasuries look to continue to the upside. The Shanghai Composite also looks strong and is biased higher while Emerging Markets try to burn through past history near resistance and may consolidate for another week in their uptrend. Volatility looks to remain subdued keeping the bias higher for the equity index ETF's SPY, IWM and QQQ. The QQQ's continue to look very strong and are biased higher while the SPY is not quite as strong on the shorter timeframe and may need to consolidate. Both are at big round numbers that could stall any further move. The IWM looks to continue to improve in its consolidation range. Use this information as you prepare for the coming week and trad'em well.