Top Trade Ideas for the Week of May 2, 2011: Bonus Idea
Here is your Bonus Idea with links to the full Top 10:
Allot Communications, Ticker:$ALLT
Allot is testing a double top at 16.55 after a series of steps higher. It has a rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence (MACD) indicator that has just crossed positive and is increasing. Both support more upside. If it can get through that resistance then there are targets from a series of Measured Moves (MM) higher at 18, 19 and 20.75. Use the breakout level as a place to put a stop and roll it higher as the targets are attained. Earnings are released on May 3rd.
(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)
After reviewing over 700 charts, I have found some good setups for the…
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