5 Trade Ideas for Monday: AstraZeneca, International Paper, MetLife, Royal Bank of Canada, Williams
- Posted by Greg Harmon
- on March 5th, 2017
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
AstraZeneca, Ticker: $AZN
AstraZeneca, $AZN, moved lower with pace starting in September. It crossed down through its 200 day SMA in October and continued until finding a bottom in December. Since then it has crept higher in a series of higher highs and higher lows. Friday saw it make another higher high and peek above its 200 day SMA. The RSI is bullish and rising while the MACD is flat. Look for continuation to participate higher…..
International Paper, Ticker: $IP
International Paper, $IP, moved higher out of consolidation in July. That move stalled out in September and it pulled back to the prior consolidation area. It settle for a few days before surging higher, making a higher high in December, before consolidating. A failed break to the upside in January came back to that consolidation and held there since. Last week saw a move to the top of the range with the RSI pushing through the mid line and the MACD crossing up and rising. Look for continuation to participate higher…..
MetLife, Ticker: $MET
MetLife, $MET, started higher in July finding a top 60% higher in December. Since then it has pulled back in a falling channel. Last week saw it touch the 100 day SMA and bounce higher. It ended the week at the top of the channel with the RSI rising and on the edge of a move into the bullish zone while the MACD is turning up. Look for a push above the channel to participate higher…..
Royal Bank of Canada, Ticker: $RY
Royal Bank of Canada, $RY, pulled up from consolidation in November. It has been moving higher ever since. It made a short term top in February and pulled back to support, where it enters the new week. The RSI is turning back higher but the MACD is falling. Look for confirmation higher to participate…..
Williams, Ticker: $WMB
Williams, $WMB, had a strong run higher from a low last April. That met resistance in September and consolidated with a slight upward drift for the next 4 months. In January it gapped lower and held there in consolidation until breaking higher Friday. The RSI is making a new high as it rises as well and the MACD is crossed up and rising. 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 heading into the first full week of March sees the equity markets have entered more like a lion than a lamb.
Elsewhere look for Gold to continue the pullback in its uptrend while Crude Oil consolidates with a bias for a break to the downside. The US Dollar Index looks to continue higher short term while US Treasuries continue to consolidate in their downtrend. The Shanghai Composite continues to drift higher while Emerging Markets pullback in their uptrend.
Volatility looks to remain at abnormally low levels keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show continued strength in the SPY and QQQ, especially on the longer timeframe, with the IWM in consolidation mode again on both timeframes. 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.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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