5 Trade Ideas for Monday: Agilent, Air Products, Boston Scientific, Lululemon and Teck Resources

• Posted by Greg Harmon
• on May 10th, 2020

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

Agilent Technologies, Ticker: $A

Agilent Technologies, $A, ran higher to a top in January. It stalled in a pullback at the 50 day SMA and then continued to the 200 day SMA in March where it bounced. The bounce failed and it continued lower to a bottom in the middle of the month. Since then it has reversed and comes into the week at resistance. The RSI is on the edge of the bullish zone with the MACD positive and turning up. Look for a push over resistance to participate…..

Air Products and Chemicals, Ticker: $APD

Air Products and Chemicals, $APD, started moving lower in February and found a bottom in mid-March. It consolidated there into early April before starting back higher. It ended last week pressing through resistance with the RSI rising in the bullish zone and the MACD positive and moving up. Look for continuation to participate…..

Boston Scientific, Ticker: $BSX

Boston Scientific, $BSX, fell from a high in January to a low in March. It consolidated there for a short while and then started higher. It ran into resistance in the middle of April and has consolidated there since. The RSI is holding just under the bullish zone with the MACD flat but positive. Look for a push over resistance to participate…..

Lululemon Athletica, Ticker: $LULU

Lululemon Athletica, $LULU, started lower in late February and quickly made a bottom in the middle of March. It also rebounded quickly until it returned to the 200 day SMA. A slight pullback and then another leg higher brought it to resistance. It is pushing through resistance now with the RSI rising in the bullish zone and the MACD moving up and positive. Look for continuation to participate…..

Teck Resources, Ticker: $TECK

Teck Resources, $TECK, had a slow roll down to a bottom in mid-March. Since then it has been in consolidation. It ended last week at resistance with the RSI rising into the bullish zone and the MACD rising and positive. 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 heading into the May options expiration week, sees equity markets showed great strength in the face of historically horrible economic data.

Elsewhere look for Gold consolidate at highs while Crude Oil consolidates the short term move higher. The US Dollar Index continues to tighten the range while US Treasuries pullback. The Shanghai Composite continues to consolidate under resistance in a broad range while Emerging Markets consolidate under long term resistance.

The Volatility Index looks to continue to move lower making the path easier for equity markets to the upside. Their charts also look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY are at potential resistance points with the IWM having the easiest path higher. 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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