5 Trade Ideas for Monday: Bed, Bath & Beyond, Biotelemtry, Fifth Third, Medgenics and White Wave
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers
Bed Bath & Beyond, Ticker: $BBBY
Bed Bath & Beyond, $BBBY, made a top at the beginning of 2015 and started back lower. It made a bottom over January and February, after losing nearly 50%. The bounce that followed stalled as it hit 52 and it has been pulling back in a bull flag since. Friday may have put an end to that. The RSI is rising and bullish while the MACD is falling but remains positive. Look for upside continuation Monday to participate......
BioTelemetry, Ticker: $BEAT
BioTelemetry, $BEAT, had a quick run to 17 in the summer of 2015. From there it plummeted with healthcare stocks in September before a bounce. That was short lived as it reversed back lower to a bottom spiking down under 9. Since that bottom the price has moved up over its 200 day SMA and is now consolidating. The RSI has reset a bit lower and now turning back up while the MACD remains heading down. Look for a move higher out of consolidation to participate......
Fifth Third, Ticker: $FITB
Fifth Third, $FITB, was a Top 10 trade idea a few weeks back is it was breaking out of the early year consolidation and above the neckline of the Inverse Head and Shoulders. The price is still shy of the Price Objective of 18.15 from that pattern, but is consolidating again. The RSI is in the bullish zone now and the MACD is rising. Look for a break of consolidation higher to participate......
Medgenics, Ticker: $MDGN
Medgenics, $MDGN, fell from a high over $10 in September to make a low print of 3.09, about 70% lower, in February. This was part of a rounding consolidation that has been going on for all of 2016. Momentum has shifted to the upside with the RSI and MACD bullish. The movement Friday takes the price back to the most recent high on a strong candle. Look for follow through to a new higher high Monday to participate......
WhiteWave Foods, Ticker: $WWAV
WhiteWave Foods, $WWAV, fell from a top in August making a descending channel from September to mid February, before breaking it to the upside. It retrenched at a higher low over the last two weeks before a move higher Friday. The RSI is in the bullish zone and the MACD is about to cross up after a pause. Look for continuation Monday to participate......
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 Options Expiration behind and a short week ahead of Easter coming sees the Equity Indexes looking strong.
Elsewhere look for Gold to continue higher along with Crude Oil. Both show risk of a short term pullback. The US Dollar Index looks to test the bottom of the consolidation range while US Treasuries continue lower in their wedge. The Shanghai Composite and Emerging Markets are biased to the upside with risk of the Emerging markets running a little lower first.
Volatility looks to remain subdued and biased lower keeping the bias higher for the equity index ETF's SPY, IWM and QQQ. Their charts look strong, especially on the weekly timeframe. With the SPY finally over its 200 day SMA and late week action suggesting possible rotation into the IWM to come next. Use this information as you prepare for the coming week and trad'em well.
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