5 Trade Ideas for Monday: Abbott Labs, Conagra, Danaher, FMC and Progressive

• Posted by Greg Harmon
• on May 31st, 2020

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Abbott Laboratories, Ticker: $ABT

Abbott Laboratories, $ABT, started higher off of a March low, continuing until reaching top in April. It has pulled back in a flag since against falling trend resistance. Friday it pushed higher though. The RSI is rising into the bullish zone with the MACD about to cross up. Look for continuation to participate…..

Conagra Brands, Ticker: $CAG

Conagra Brands, $CAG, spiked up in December only to immediately start moving lower. It accelerated in February and made a bottom in March. Since then it has moved higher, retesting the prior top in April before pulling back. It is now moving back to that resistance. The RSI is rising and bullish with the MACD about to cross up. Look for a push over resistance to participate…..

Danaher, Ticker: $DHR

Danaher, $DHR, broke out of a consolidation period in December and ran to a top in January. It pulled back from there reaching a bottom in March before recovering. It moved back to the prior high in April and has pulled back, digesting that move since. The RSI is rising in the bullish zone with the MACD crossing up. Look for a push over resistance to participate…..

FMC, Ticker: $FMC

FMC, $FMC, had a small move higher in February wiped out near the end of the month as it broke hard to the downside. From failed moves come fast moves. It bottomed in March and reversed. It met resistance in late April and pulled back only to quickly reverse and retest resistance. It is now breaking over resistance with the RSI rising and bullish and the MACD positive and moving higher. Look for continuation to participate…..

Progressive, Ticker: $PGR

Progressive, $PGR, has the familiar “V” from February through to the end of April. But from there it pulled back again into May and has not yet recovered. A bounce from a higher low met resistance and reversed. Now it is back at resistance. The RSI is rising toward the bullish zone with the MACD crossed up and rising. Look for a push higher 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 month of May in the books, sees equity markets have renewed their trends higher.

Elsewhere look for Gold to consolidate in its uptrend while Crude Oil may be resuming its uptrend. The US Dollar Index is starting to move lower while US Treasuries consolidate. The Shanghai Composite looks to continue the broad drift sideways while Emerging Markets consolidate in their uptrend.

The Volatility Index looks to continue to drift lower making the path easier for equity markets to the upside. Their charts also look strong, especially on the longer timeframe. On the shorter timeframe the QQQ is breaking out of consolidation with the SPY pushing higher and the IWM consolidating the range break over support. Use this information as you prepare for the coming week and trad’em well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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