5 Trade Ideas for Monday: Danaher, Lowe's, PerkinElmer, STAAR Surgical and Tractor Supply
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Danaher, Ticker: $DHR
Danaher, $DHR, rose to a high in November and then shifted to a sideways channel. It fell back to the 200 day SMA in March and consolidated until Friday. It moved up out of consolidation then with the RSI rising and the MACD crossed up and rising. Look for continuation to participate…..
Lowe’s, Ticker: $LOW
Lowe’s, $LOW, rose from the March low and continued to a top in August. It has moved mainly sideways since and comes into the week at the high with the RSI rising and the MACD climbing. Look for a push over resistance to participate…..
PerkinElmer, Ticker: $PKI
PerkinElmer, $PKI, rose from a March low to a top in January. It has been pulling back since but found support at the 200 day SMA. The RSI is rising and the MACD crossed up and moving towards positive. Look for a move higher to participate…..
STAAR Surgical, Ticker: $STAA
STAAR Surgical, $STAA, made a top in February and then sharply moved lower. It found support in early March and has bounced and found resistance. The RSI is rising toward the bullish zone and the MACD is about to cross up. Look for continuation to participate…..
Tractor Supply, Ticker: $TSCO
Tractor Supply, $TSCO, made a top in August and then settled into consolidation. It has slowly rounded out and move to a new high with the RSI rising and the MACD positive and moving higher. Look for a push over 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 with the March Quad Witching in the books, sees equity markets continuing to show signs of strain.
Elsewhere look for Gold to continue its pullback while Crude Oil pulls back in its uptrend. The US Dollar Index is on the verge of a reversal to the upside while US Treasuries continue to move lower. The Shanghai Composite looks to be on the edge of a reversal lower while Emerging Markets pullback in their uptrend.
The Volatility Index looks to remain low making the path easier for equity markets to the upside. Their charts however are showing signs of fatigue on the shorter timeframe, with the QQQ the weakest. On the longer timeframe both the SPY and the IWM remain strong but in a pause with the QQQ consolidating over support after a small pullback. Use this information as you prepare for the coming week and trad’em well.