5 Trade Ideas for Monday: TD Ameritrade, Arena Pharmaceuticals, Ashland Global, Ciena & IMAX
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
TD Ameritrade, Ticker: $AMTD
TD Ameritrade, $AMTD, rose off of a pullback in September, making a top at the end of January. After a minor pullback it is at that top again. The RSI is in the bullish zone with the MACD bullish. Look for a push to a new high to participate.....
Arena Pharmaceuticals, Ticker: $ARNA
Arena Pharmaceuticals, $ARNA, rose off of low in August, making a top in early January. After a minor pullback it is rising to that top again. The RSI is in the bullish zone and rising with the MACD about to cross up. Look for a push over resistance to participate.....
Ashland Global, Ticker: $ASH
Ashland Global, $ASH, rose off of low in August, pausing in December and pulling back before making a top in early January. After a pullback to the 200 day SMA it is rising to that top again with a bullish engulfing candle Friday. The RSI is in the bullish zone and rising with the MACD turning towards a cross up. Look for continuation to participate.....
Ciena, $CIEN, found support after a draw down in September and moved sideways. It fell further to an ultimate bottom in November before bouncing. Since it is making higher highs and last week moved up in consolidation. The RSI is in the bullish zone and rising with the MACD about to cross up. Look for continuation to participate.....
IMAX, $IMAX, found support in August after a long move lower. It bounced to a high just over the 200 day SMA in November and then pulled back to a higher low last week. The RSI is rising toward the bullish zone with the MACD crossed up and rising. Look for continuation to participate.....
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 February starts sees equities have experienced their first pullback of more than 3% since what feels like forever, with technicals suggesting the pain may not be over yet.
Elsewhere look for Gold to consolidate in its uptrend while Crude Oil pauses in its uptrend as well. The US Dollar Index downtrend has hit new lows but may be ready for a bounce while US Treasuries are accelerating lower. The Shanghai Composite and Emerging Markets are are pulling back in their uptrends.
Volatility looks to continue higher keeping the pressure on the equity index ETF's SPY, IWM and QQQ. Their charts show pauses in the uptrend in the longer timeframe with pullbacks in the shorter one ready to continue next week. Use this information as you prepare for the coming week and trad'em well.
