5 Trade Ideas for Monday: Abbott Labs, Arconic, ConocoPhillips, Goldman Sachs and Synchrony

• Posted by Greg Harmon
• on December 8th, 2019

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

Abbott Labs, Ticker: $ABT

Abbott Labs, $ABT, started moving higher in June and reached a top in late July. It pulled back in a channel from there, finding support at a higher low at the 200 day SMA in October. Since then it has been moving higher again. Over the last 3 weeks it has consolidated under resistance with the RSI on the lower edge of the bullish zone and the MACD flat but positive. Look for a push over resistance to participate…..

Arconic, Ticker: $ARNC

Arconic, $ARNC, rose from an early year low through a broad consolidation over the summer to its current high. It is consolidating again with a RSI turning up after resetting out of overbought territory and the MACD leveling and positive. Look for a push higher to participate…..

ConocoPhillips, Ticker: $COP

ConocoPhillips, $COP, started moving lower in February, and found support in August. It rose from there and met resistance at the June high, then quickly retreated. Finding support in October it reversed and has been moving higher since. The RSI is rising in the bullish zone with the MACD rising and positive. Look for continuation to participate…..

Goldman Sachs, Ticker: $GS

Goldman Sachs, $GS, has moved mainly sideways in a broad consolidation over the past year. The last 5 months showed a minor change of character with a slight drift up. The stock ended Friday poking over recent resistance with the RSI rising in the bullish zone and the MACD turning to cross up and positive. Look for continuation to participate…..

Synchrony, Ticker: $SYF

Synchrony, $SYF, pulled back from a top in July and created a double bottom with the bounce in October. it reached the prior high and consolidated there for a month before a break higher Friday. The RSI is in the bullish zone with the MACD flat but 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 the first week of December in the books, sees equity markets showed resilience with a rebound from an ugly start.

Elsewhere look for Gold to continue its pullback while Crude Oil consolidates in a broad range. The US Dollar Index continues to drift to the upside while US Treasuries pullback in their uptrend. The Shanghai Composite looks to continue the slow drift lower while Emerging Markets consolidate under long term resistance.

Volatility looks to remain low but off of the extreme lows keeping the bias to the upside for the equity index ETF’s SPY, IWM and QQQ. The SPY and QQQ both rebounded to end back near all-time highs. But it is the IWM stealing the show as it looks to take over leadership with a break above 11 month resistance. 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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