5 Trade Ideas for Monday: Chemed, Cabot Oil & Gas, CrowdStrike, Canadian Solar and Atlassian
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Chemed, Ticker: $CHE
Chemed, CHE, paused in April after rising from March low. It consolidated until driving to a new higher high in May. It could not hold up though and fell back into consolidation. That continued until it broke higher Thursday. The RSI is rising into the bullish zone with the MACD lifting off of zero. Look for continuation to participate…..
Cabot Oil & Gas, Ticker: $COG
Cabot Oil & Gas, $COG, rose to a top in April and then fell back. It bounced at the 50 day SMA and retested the high in June. That led to the drop below the 200 day SMA. It ended last week moving back higher though with the RSI rising and the MACD turning. Look for continuation to participate…..
CrowdStrike, Ticker: $CRWD
CrowdStrike, $CRWD, started higher in March and continued to a top in June. After a slight pullback it ended last week back at resistance. The RSI is rising in the bullish zone with the MACD turning to cross up and positive. Look for a push over resistance to participate…..
Canadian Solar, Ticker: $CSIQ
Canadian Solar, $CSIQ, started higher in March and closed the gap in May. It has stalled since, ending last week at resistance for the 3rd time. The RSI is rising in the bullish zone with the MACD moving higher and positive. Look for a push over resistance to participate…..
Atlassian, Ticker: $TEAM
Atlassian, $TEAM, started higher in March and reached a top in May. it has consolidated under resistance there since. The RSI is rising into the bullish zone with the MACD rising and positive. Look for a push over resistance yo participate…..
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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 with the first half of the year in the books, saw equity markets showed renewed strength into the holiday weekend.
Elsewhere look for Gold to continue higher while Crude Oil joins in a move to the upside. The US Dollar Index continues to drift lower in consolidation while US Treasuries consolidate. The Shanghai Composite looks to continue to the upside while Emerging Markets also move higher.
The Volatility Index looks to continue to move lower making the path easier for equity markets to the upside. Their charts also look strong, especially on the longer timeframe with the QQQ leading the charge. On the shorter timeframe the QQQ is also leading with the SPY at the June gap and the IWM trailing. Use this information as you prepare for the coming week and trad’em well.
