5 Trade Ideas for Monday: Blackstone, Cognex, NVE, Och-Ziff & Whirlpool
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers.
Blackstone Group, Ticker: $BX
Blackstone Group, $BX, has been rising since the October low. It gave a chance for an entry in late January as it broke consolidation and may be giving another chance now. The RSI is in the bullish zone while the MACD is about to cross up.
Cognex, Ticker: $CGNX
Cognex, $CGNX, went through a 'W' like consolidation before moving higher. Now it is consolidating and perhaps peeking over resistance. The RSI is bullish and rising with the MACD leveling after a pullback.
NVE, Ticker: $NVEC
NVE, $NVEC, went through a a downward consolidating channel, that ended when it touched the 200 day SMA. Since that touch it has risen and is consolidating at the late December high. The RSI is rising and bullish and the MACD is also rising, supporting more upside.
Och-Ziff Capital Management, Ticker: $OZM
Och-Ziff Capital Management, $OZM, completed a Measured Move higher in early February and has been consolidating since then. Heading into the week the move higher off of the Hammer at the 50 day SMA has support for more upside from a rising RSI and a MACD about to cross up.
Whirlpool, Ticker: $WHR
Whirlpool, $WHR, had a great run higher from the low in October to a high in February. Now it has pulled back and is consolidating over the 100 day SMA. Last week saw it move over consolidation and it is currently holding there. The RSI is stalling at the mid line but the MACD is crossed and rising as the Bollinger Bands® squeeze. The accumulation has not dropped during the sell off.
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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 Thursday which, heading into the first week of April the Equity markets are mixed with the IWM strong but the SPY and QQQ weaker and maybe ready for some short term downside.
Elsewhere look for Gold to bounce around 1200 as it consolidates while Crude Oil churns back in its consolidation channel. The US Dollar Index should generally move sideways but with an upward bias while US Treasuries are biased lower short term in their consolidation. The Shanghai Composite looks very strong and Emerging Markets are getting jealous, and trying to join it to the upside.
Volatility looks to remain subdued keeping the bias higher for the equity index ETF's SPY, IWM and QQQ. Their charts point to consolidation or even a downside bias for the SPY and QQQ, while the IWM seem the place to be, holding up well at the all-time highs. Use this information as you prepare for the coming week and trad'em well.
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