5 Trade Ideas for Monday: Aflac, Alexion, Ford, Alphabet and Phillips 66
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Aflac, $AFL, fell hard to a March low and then bounced. It stalled quickly and eventually settled into a sideways channel. It moved to the top of that channel last week with the RSI rising in the bullish zone and the MACD rising and positive. Look for a push over resistance to participate…..
Alexion Pharmaceuticals, Ticker: $ALXN
Alexion Pharmaceuticals, $ALXN, moved higher off a March low, stalling in June. It pulled back under the 200 day SMA and found support, then reversed higher. It is now consolidating under resistance with the RSI rising in the bullish zone and the MACD positive and moving higher. Look for a break of resistance to participate higher…..
Ford, $F, rose off the March low and continued until touching the 200 day SMA in June. It pulled back and then recovered to consolidate before the recent move higher. The RSI is rising in the bullish zone with the MACD positive and moving higher. Look for a break over resistance to participate…..
Alphabet, $GOOGL, ran from a March low to a top in early September. It pulled back from there to the 200 day SMA and then reversed. It gapped over the prior high 2 weeks ago and has been in consolidation. The RSI is strong in the bullish zone with the MACD rising and positive. Look for a push over resistance to participate…..
Phillips 66, Ticker: $PSX
Phillips 66, $PSX, moved higher off the March low to reach the 200 day SMA in June. It reversed there and fell. thee drop continued to a low at the end of October before reversing. It gapped higher last week and has been consolidating there under resistance. The RSI is rising in the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..
If you like what you see sign up for more ideas and deeper analysis using this Get Premium link.
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 November options expiration, saw equity markets showing some rotation in leadership from the Nasdaq to the small caps.
Elsewhere look for Gold to consolidate in the uptrend while Crude Oil consolidates in a broad range. The US Dollar Index continues to drift at the low end of consolidation while US Treasuries trend lower. The Shanghai Composite looks to continue in consolidation while Emerging Markets consolidate are in an uptrend.
The Volatility Index looks to continue to drift lower making the path easier for equity markets to the upside. Their charts are holding firm, especially on the longer timeframe. On the shorter timeframe the IWM looks the strongest making a new all-time high with the SPY starting to move up as well. The QQQ seems stuck at the big round number in consolidation. Use this information as you prepare for the coming week and trad’em well.
