5 Trade Ideas for Monday: Celgene, Graphic Packaging, Honeywell, Interactive Brokers and Valero
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Celgene, Ticker: $CELG
Celgene, $CELG, gapped higher in January and then settled into a more of a drift, mostly sideways. It is currently moving over the 20 day SMA toward the highs. The RSI is turning up in the bullish zone with the MACD leveling and positive. Look for a push higher to participateā¦..
Graphic Packaging, Ticker: $GPK
Graphic Packaging, $GPK, rose out of a double bottom at the end of January. It paused there for 2 months then continued higher in a series of steps and pullback to a top in July. The drop from there retested the 200 day SMA and reversed in August. It paused as it broke the June and July highs and Friday started a second move higher. The RSI is rising in the bullish zone with the MACD rising and positive. Look for continuation to participateā¦..
Honeywell, Ticker: $HON
Honeywell, $HON, rose from a December low and made a top in July. It pulled back from there, touching the 200 day SMA, and then reversed. It rose to a lower high and then digested that with a pullback into consolidation. Friday it ended at the top of that consolidation. The RSI is holding in the bullish zone with the MACD flat at zero. Look for a new push higher to participateā¦..
Interactive Brokers, Ticker: $IBKR
Interactive Brokers, $IBKR, went through a long broad consolidation From October last year until dropping lower in August. It confirmed a double bottom as it rose higher in September and enters the week breaking short term resistance. The RSI is rising and bullish with the MACD turning back up. Look for continuation to participateā¦..
Valero Energy, Ticker: $VLO
Valero Energy, $VLO, bottomed after a long move lower in December. It bounced and moved to a peak at the end of April only to fall back again. Another bounce found a lower high before another downturn. It is rising out of that drop now and in short term consolidation. The RSI is holding in the bullish zone with the MACD flat and positive. Look for a push higher to participateā¦..
After reviewing over 1,000 charts, I have found some good setups for the week. Ā These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with 1 trading day left in the 3rd Quarter, sees equities are continuing to give no strong preference for direction, but are continuing to weather the headlines.
Elsewhere look for Gold to consolidate around 1500 while Crude Oil pulls back in consolidation. The US Dollar Index is rising in a channel while US Treasuries pause in their bounce. The Shanghai Composite and Emerging Markets both look to continue lower.
Volatility has built up and looks poised to continue changing the bias to lower for the equity index ETFās SPY, IWM and QQQ. The SPY and QQQ look to continue to consolidate near all-time highs while the IWM continues to churn in a wide consolidation as well, but further from its highs. Use this information as you prepare for the coming week and tradāem well.
