5 Trade Ideas for Tuesday: Albemarle, Allstate, NVIDIA, R1 RCM and Wells Fargo
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Albemarle, Ticker: $ALB
Albemarle, $ALB, comes into the week falling to a 7 month low. The RSI is falling in the bearish zone with the MACD crossed down and negative. Look for continuation to participate…..
Allstate, Ticker: $ALL
Allstate, $ALL, comes into the week at the 200 day SMA. It has a RSI rising in the bullish zone with the MACD flat but positive. Look for a break higher to participate…..
NVIDIA, Ticker: $NVDA
NVIDIA, $NVDA, comes into the week on support. It has a RSI dropping back below the midline with the MACD curling lower and negative. Look for a drop through support to participate…..
R1 RCM, Ticker: $RCM
R1 RCM, $RCM, comes into the week back at the November high. It has a RSI rising in the bullish zone and a MACD positive and moving higher. Look for a push over resistance to participate…..
Wells Fargo, Ticker: $WFC
Wells Fargo, $WFC, comes into the week pulling back from a higher high. It has a RSI dropping at the midline with the MACD crossed down and 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 with February options expiration in the books, saw equity markets showing further weakness.
Elsewhere look for Gold to continue its move higher while Crude Oil consolidates pauses in its uptrend. The US Dollar Index continues to consolidate in a narrow range while US Treasuries pullback. The Shanghai Composite looks to continue the broad consolidation while Emerging Markets consolidate to move lower.
The Volatility Index looks to remain elevated making the path easier for equity markets to the downside. Their charts look weak, especially on the shorter timeframe. On the longer timeframe the QQQ looks the worst with the IWM next and the SPY trying to hold onto consolidation. Use this information as you prepare for the coming week and trad’em well.
