5 Trade Ideas for Monday: Arrowhead Pharma, Boeing, Citgroup, Cree and Grainger
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Arrowhead Pharmaceuticals, Ticker: $ARWR
Arrowhead Pharmaceuticals, $ARWR, made a top 2 weeks ago and then pulled back to the 20 day SMA. It started higher again at the end of last week with the RSI rising and bullish and the MACD avoiding a cross down. look for a push over resistance to participate…..
Boeing, Ticker: $BA
Boeing, $BA, stalled in June as it rose off the March low. It pulled back to the 50 day SMA and held there until a gap up in November that took it over the 200 day SMA. It made a higher high and then retreated into the current consolidation. The RSI is on the edge of a move into the bullish zone with the MACD rising and now positive. Look for a move over resistance to participate…..
Citigroup, Ticker: $C
Citigroup, $C, started higher in November, topping in January. It pulled back through the 50 day SMA and then reversed ending last week moving higher. The RSI is rising into the bullish zone with the MACD positive and climbing. Look for continuation to participate…..
Cree, Ticker: $CREE
Cree, $CREE, started up off the 50 day SMA in November and ran to a top in January. After pulling back to the 50 day SMA again it ran to a higher high before a second, shallower pullback. Now it is approaching the high with the RSI rising in the bullish zone and the MACD crossing up. Look for a push through resistance to participate…..
WW Grainger, Ticker: $GWW
WW Grainger, $GWW, topped out in November as the price rolled over. It continued lower into February where it has been consolidating. The price tried to push higher Friday with the RSI rising and the MACD climbing. Look for a break of resistance 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 last week of February saw equity markets showing some fatigue after strong moves up.
Elsewhere look for Gold to continue its pullback while Crude Oil may consolidate in the uptrend. The US Dollar Index continues to trend lower while US Treasuries continue their downtrend. The Shanghai Composite looks to continue the move higher while Emerging Markets drive for new highs.
The Volatility Index looks to remain low making the path easier for equity markets to the upside. Their charts continue to look strong on the longer timeframe. On the shorter timeframe both the QQQ and SPY are now in consolidation over support with the IWM poised to take the lead after a bounce. Use this information as you prepare for the coming week and trad’em well.