5 Trade Ideas for Monday: Peabody, Coinbase, Devon, H&P and Cloudfare
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Peabody Energy, $BTU, comes into the week approaching short term resistance. It has a RSI on the edge of the bullish zone with the MACD positive. Look for a push over resistance to participate…
Coinbase, $COIN, comes into the week consolidating under resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…
Devon Energy, $DVN, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…
Helmerich & Payne, $HP, comes into the week in consolidation. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…
Cloudfare, $NET, comes into the week poking over resistance. It has a RSI in the bullish zone with the MACD positive. 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 Heading into the third week of the military operations against Iran, equity markets are succumbing to the combination a possible prolonged conflict with the shut down of the Strait of Hormuz and stubborn inflation data.
Elsewhere, look for Gold to continue to consolidate between $4980 and $5240 digesting the long move up while Crude Oil continues higher in a new uptrend. The US Dollar Index looks to continue to show some strength on the cusp of a break out over resistance in consolidation while US Treasuries leak to the downside. The Shanghai Composite looks to continue consolidation in the uptrend while Emerging Markets pullback in their uptrend.
The Volatility Index looks to continue in elevated territory putting pressure on equities. The charts of the SPY and the QQQ remain strong on the longer timeframe with a slight pullback in consolidation while the IWM is starting to roll lower, a threat to its uptrend. On the shorter timeframe the SPY and the QQQ are cracking and testing the consolidation range with a short term move lower. The IWM looks to have lost support and headed for its 200 day SMA. Use this information as you prepare for the coming week and trad’em well.
