5 Trade Ideas for Monday: Baker Hughes, Costco, General Dynamics, Palo Alto Networks and Toronto-Dominion

• Posted by Greg Harmon
• on February 9th, 2020

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

Baker Hughes, Ticker: $BKR

Baker Hughes, $BKR, has bounced along against a support area all of 2019. It continues into 2020 as it starts to lift off of support. The RSI is rising towards the mid line with the MACD crossing up. Look for continuation to participate…..

Costco, Ticker: $COST

Costco, $COST, broke above resistance in January but then fell back. It looked like a failed break out until reversing last week and ending up back at the high. The RSI is rising in the bullish zone with the MACD crossing up and positive. Look for a push over resistance to participate….

General Dynamics, Ticker: $GD

General Dynamics, $GD, fell back to the 200 day SMA in October and held there for a month. It bounced to a lower high in November and then fell back again creating a consolidation range. It is now at the top of the range with the RSI rising in the bullish zone and then MACD moving higher and positive. Look for a break over resistance to participate…..

Palo Alto Networks, Ticker: $PANW

Palo Alto Networks, $PANW, peaked in November and then gapped down. It found support at the cross of the 50 and 200 day SMA and started back higher almost immediately. It stalled upon filling the gap 3 weeks ago and pulled back to a higher low. Now it is back at the gap fill level with the RSI rising and the MACD crossed up and positive. Look for a push over resistance to participate…..

Toronto-Dominion Bank, Ticker: $TD

Toronto-Dominion Bank, $TD, has made a series of lower highs since topping in July. But it has also made higher lows since the bottom in August. It is now at resistance with the RSI rising in the bullish zone and the MACD lifting and positive. Look for a push over resistance to participate…..

Up Next: Bonus Idea

The Best

If you like what you see sign up for more ideas and deeper analysis using the Get Premium button above.   

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 saw the first week of February end with some profit taking after a strong week for equities.

Elsewhere look for Gold to possibly pause in the uptrend while Crude Oil may pause in the downtrend. The US Dollar Index looks strong and ready for more upside while US Treasuries start a new uptrend. The Shanghai Composite looks to continue the short term move higher while Emerging Markets look like a volatile directionless mess.

The Volatility Index looks to remain at low levels making the path easier for equity markets to the upside. Their charts also look strong on the longer timeframe, especially the QQQ. But on the shorter timeframe both the SPY and IWM are showing some signs of weakness. 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.

blog comments powered by Disqus