5 Trade Ideas for Monday: Ashland, Facebook, Interactive Brokers, McKesson and Visa

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

Ashland, Ticker: $ASH

Ashland, $ASH, started higher in January, settling into a slower rising channel in February. That ran until May, when the stock started higher again quickly. It met resistance and started to consolidate at the end of May and has moved sideways since. The RSI is in the bullish zone and the MACD is falling, a mixed bag. But the MACD is positive. Look for a push over consolidation to participate higher…..

Facebook, Ticker: $FB

Facebook, $FB, started a move higher in December after a pullback and brief consolidation. It continued higher to a top in early May before settling into the current consolidation. With the rising 20 day SMA as support, it has made higher lows against that resistance and Friday it pushed back to the prior high on a bullish candle ending at the high. The RSI is bullish and rising with the MACD crossed up and rising. Look for a break over resistance to participate higher…..

Interactive Brokers, Ticker: $IBKR

Interactive Brokers, $IBKR, made a broad top over the winter, and then started lower in March. It found support and made a double bottom in April, reversing to a peak in May. A pullback to a higher low at the 50 day SMA then reversed back higher to the current consolidation. The RSI is in the bullish zone and the MACD is flat. Look for a break over the consolidation to participate higher…..

McKesson, Ticker: $MCK

McKesson, $MCK, pulled back from a top in August last year, finding support after a gap down in late October. After a small recovery it settled into a consolidation where it had been for 7 months. It broke above that consolidation at the end of May with another gap, and settled into consolidation over the last two weeks. The RSI is bullish and rising with the MACD about to cross up. Look for a push over consolidation to participate higher…..

Visa, Ticker: $V

Visa, $V, started higher in January. It gapped up in February and then consolidated briefly from March into April before the latest leg higher. This has been running up against rising trend support roughly in line with the 50 day SMA. Friday saw a bounce off of that support in a strong candle higher toward the prior high. The RSI is turning back up after holding the mid line and the MACD is kinking higher. Look for continuation to participate higher…..

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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 as the markets head into the end of the second Quarter of the year, saw the equity markets remaining strong on both timeframes and poised for more upside.

Elsewhere look for Gold to participate to the upside while Crude Oil continues the trend lower. The US Dollar Index remains marking time in consolidation while US Treasuries continue higher. The Shanghai Composite and Emerging Markets both look to continue uptrends, although Emerging Markets may need some further consolidation first.

Volatility looks to remain at abnormally low levels keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts look stronger on the weekly timeframe than the shorter one. And on that shorter timeframe the IWM and QQQ look set to outperform the SPY next week. 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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