5 Trade Ideas for Monday: AbbVie, Discover, Chart Industries, Universal Display and Terex
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
AbbVie, Ticker: $ABBV
AbbVie, $ABBV, comes into the week moving up to resistance. The RSI is rising with the MACD about to turn positive. Look for a push over resistance to participate…..
Discover Financial, Ticker: $DFS
Discover Financial, $DFS, comes into the week moving up from support. It has a RSI rising and a MACD leveling and positive. Look for continuation to participate…..
Chart Industries, Ticker: $GTLS
Chart Industries, $GTLS, comes into the week nearing resistance. It has a RSI rising with the MACD trying to cross up. look for a push over resistance to participate…..
Universal Display, Ticker: $OLED
Universal Display, $OLED, comes into the week approaching resistance. It has a RSI in the bullish zone and a MACD moving up. Look for a push over resistance to participate…..
Terex, Ticker: $TEX
Terex, $TEX, comes into the week breaking through resistance. The RSI is bullish with the MACD rising. Look for continuation to 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 only 2 trading days left in February, saw equity markets showed some weakness as they reacted to a less sanguine Fed in their discussion of disinflation.
Elsewhere look for Gold to continue its short term pullback while Crude Oil consolidates in a tight range. The US Dollar Index continues to move to the upside while US Treasuries pullback in consolidation. The Shanghai Composite looks to continue to consolidate under resistance while Emerging Markets continue the move lower.
The Volatility Index looks to remain in the normal range and stable making the path easier for equity markets to the upside. Their charts are showing weakness on both timeframes but remain well above the prior lows, not threatening the nascent uptrends at this point. The SPY and QQ also remain above the falling trendline that acted as resistance through 2022. The IWM trend looks the strongest at this juncture. Use this information as you prepare for the coming week and trad’em well.
