5 Trade Ideas for Monday: ConocoPhillips, eBay, Fiserv, Hasbro and Werner
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
ConocoPhillips, Ticker: $COP
ConocoPhillips, $COP, reversed at the 200 day SMA as it bounced off the March low. It found support at a higher low and reversed again to a top in November. After some consolidation it is back testing that prior high. The RSI is rising in the bullish zone with the MACD crossing up. Look for a push over resistance to participate…..
eBay, Ticker: $EBAY
eBay, $EBAY, topped in July and then started a choppy trend lower. That looks to have changed as it tested and held at the 200 day SMA in November. Now it is making its first higher high with the RSI rising and bullish and the MACD positive and climbing. Look for a push over resistance to participate…..
Fiserv, Ticker: $FISV
Fiserv, $FISV, started higher at the end of October, peaking in December. It pulled back from there to the 20 day SMA last week before a bounce. Now it is pushing over resistance with the RSI rising in the bullish zone and the MACD crossing up. Look for continuation to participate…..
Hasbro, Ticker: $HAS
Hasbro, $HAS, had a quick move higher out of the March low stall as it hit the 50 day SMA in April. Since then, it has moved higher at a slower pace. Now it is pushing over short term resistance with the RSI rising and bullish and the MACD trying to lift. Look for continuation to participate…..
Werner Enterprises, Ticker: $WERN
Werner Enterprises, $WERN, topped in August and then started to roll over. it continued lower, finding support with a spike down in October. Since then, it has made a higher low and is pushing to make a higher high. The RSI is rising in the bullish zone with the MACD crossed up and positive. Look for a push higher 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 the first week of 2021 in the books, saw equity markets show resilience with a strong move higher despite frightening political news.
Elsewhere look for Gold to continue its short term pullback in consolidation while Crude Oil marches higher. The US Dollar Index continues to drift to the downside while US Treasuries move in a downtrend. The Shanghai Composite and Emerging Markets are driving higher in uptrends.
The Volatility Index looks to remain low and stable making the path easier for equity markets to the upside. Their charts look strong on both timeframes. On the shorter timeframe both the QQQ and SPY sit at all-time highs in uptrends with the IWM a tad bit overbought. On the longer timeframe all 3 are in very strong uptrends. Use this information as you prepare for the coming week and trad’em well.
