5 Trade Ideas for Monday: AstraZeneca, Boeing, HollyFrontier, Nasdaq and Netflix

• Posted by Greg Harmon
• on March 29th, 2020

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

AstraZeneca, Ticker: $AZN

AstraZeneca, $AZN, rose from a low in May of last year, topping out in January. It reversed lower then and found support at the 200 day SMA into March. It gapped down mid-month and retested the May bottom before the current bounce. The RSI is rising toward the mid line with the MACD crossed up. Look for continuation to participate….

Boeing, Ticker: $BA

Boeing, $BA, started to crash land at the end of February, finding a bottom in mid-March. It has moved higher since, touching the 20 day SMA last week then stalling and pulling back Friday. The RSI is turning lower under the mid line with the MACD crossed and rising. Look for continuation to participate…..

HollyFrontier, Ticker: $HFC

HollyFrontier, $HFC, accelerated its move lower in February, finding a bottom in March. It has consolidated there and has a RSI reversing higher toward the mid line with the MACD crossed up and rising. Look for a push over resistance to participate…..

Nasdaq, Ticker: $NDAQ

Nasdaq, $NDAQ, had a long run higher that topped in early February. It pulled back from there, eventually bottoming in March. Since then it has bounced and is back at resistance. The RSI is making a higher high with the MACD crossing up. Look for a push over resistance to participate…..

Netflix, Ticker: $NFLX

Netflix, $NFLX, started higher in September last year and ran to a top in February. It pulled back from there sharply, finding support as it broke below the Bollinger Bands® in mid-March. Since then it has moved back higher and met resistance. The RSI is holding over the mid line with the MACD crossed up. 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 only 2 trading days left in the 1st Quarter, sees equity markets sitting in bear market territory even after what were some new bull market qualifying bounces.

Elsewhere look for Gold to continue its consolidation in the uptrend while Crude Oil moves toward 20 year lows. The US Dollar Index continues to whipsaw with a short term downtrend while US Treasuries consolidate in their uptrend. The Shanghai Composite looks to continue the short term drift higher while Emerging Markets continue towards the lows.

The Volatility Index looks to remain extreme making the path filled with craters for equity markets. Their charts look solid in the short term after strong moves higher, but with a large swath of traders anticipating the reversal from a bear market rally anytime. The longer charts showed a sold reversal, and follow through next week could sway a lot of opinions (read money). 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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