5 Trade Ideas for Monday: Abbott Labs, Colgate, FedEx, Home Bancshares and Lennar

• Posted by Greg Harmon
• on February 7th, 2021

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

Abbott Labs, Ticker: $ABT

Abbott Labs, $ABT, started higher off a tight base at the 50 day SMA at the start of the year. It accelerated to a top at the end of the month and then pulled back. Last week it reversed higher to resistance. It has a RSI rising in the bullish zone and a MACD positive and climbing. Look for a push over resistance to participate…..

Colgate-Palmolive, Ticker: $CL

Colgate-Palmolive, $CL, had a strong run to the upside that ended in November as it shifted to a consolidation channel. It broke that to the downside at the start of the year and continued to near the 200 day SMA. It ended last week moving back higher with the RSI driving higher and the MACD crossing up. Look for continuation to participate…..

FedEx, Ticker: $FDX

FedEx, $FDX, had a strong trend higher hit resistance in October. It pulled back and then made a higher high in December before dropping to a lower low. It is now near resistance with the RSI rising and the MACD moving higher. Look for a push over resistance to participate…..

Home Bancshares, Ticker: $HOMB

Home Bancshares, $HOMB, has had a choppy run higher from the March low. It is pressing against resistance with the RSI rising in the bullish zone and the MACD crossing up. Look for a push over resistance to participate…..

Lennar, Ticker: $LEN

Lennar, $LEN, saw a strong move higher lose energy and top in October. It pulled back and consolidated for several months before a push to a new high. The RSI is rising and bullish with the MACD climbing and positive. Look for continuation 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 heading into the second week of February, saw equity markets showed resilience as they rebounded from end of January sell off.

Elsewhere look for Gold to continue its pullback while Crude Oil resumes its uptrend. The US Dollar Index may be rounding out a bottom towards a reversal while US Treasuries continue in their downtrend. The Shanghai Composite looks to continue the pullback in the uptrend while Emerging Markets ready to attack new all-time highs.

The Volatility Index looks to have settled back to low levels making the path easier for equity markets to the upside. Their charts look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY did print indecision candles which may influence the short term. The IWM looks ready to take the lead with a new leg higher. 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