5 Trade Ideas for Monday: Alcoa, American Tower, Cigna, Gardner Denver and Waste Connections

• Posted by Greg Harmon
• on October 20th, 2019

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

Alcoa, Ticker: $AA

Alcoa, $AA, has been on a two year path lower with a few consolidations along the way. In October it made a higher low in this path and then started higher on big relative volume. The RSI is climbing in the bullish zone with the MACD crossed up and positive. Look for continuation to participate…..

American Tower, Ticker: $AMT

American Tower, $AMT, was in a steady rising trend until it accelerated to a top in September. It pulled back from there through the 50 day SMA and has been consolidating under resistance. The RSI is rising in the bullish zone with the MACD moving higher and positive. Look for a push over resistance to participate…..

Cigna, Ticker: $CI

Cigna, $CI, has been bouncing along forming a bottom since April. It ended last week making a higher high, a possible reversal. The RSI is rising and bullish with the MACD moving higher and positive. Look for continuation to participate…..

Gardner Denver Holdings, Ticker: $GDI

Gardner Denver Holdings, $GDI, moved from a December low to a peak in May. It pulled back from there to a bottom in early September and bounced. Another test there and it is rising again. The RSI is rising in the bullish zone and the MACD is positive and moving up. Look for continuation to participate…..

Waste Connections, Ticker: $WCN

Waste Connections, $WCN, moved form a December low to a top in July. It pulled back from there and has been consolidating under resistance. Friday it broke through. The RSI is rising in the bullish zone with the MACD lifting 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 October options expiration complete, saw that equity markets had a solid week holding near recent highs with good moves higher.

Elsewhere look for Gold to continue to build its bull flag around 1500 while Crude Oil consolidates. The US Dollar Index continues to move lower while US Treasuries pullback in their uptrend. The Shanghai Composite looks to pullback in consolidation while Emerging Markets pull back in their short term move higher.

Volatility has eased and looks to remain low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The SPY and QQQ both broke higher to retest near the highs and look to continue to have an easier path higher. The IWM continues to churn in a wide consolidation though but put in the strongest week of the 3, perhaps finally ready to lead. Use this information as you prepare for the coming week and trad’em well.

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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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