5 Trade Ideas for Monday: Agilent, Alexion, Eaton, Honeywell and Constellation Brands

• Posted by Greg Harmon
• on August 30th, 2020

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

Agilent Technologies, Ticker: $A

Agilent Technologies, $A, has moved higher off of a March low in 3 steps. The last one ended at the start of August and it has consolidated under resistance since. Friday saw it break resistance higher with the RSI turning back up and the MACD crossing higher. Look for continuation to participate…..

Alexion Pharmaceuticals, Ticker: $ALXN

Alexion Pharmaceuticals, $ALXN, gapped up in June to make a new high and then stalled. It has reversed lower since in an orderly channel under the 20 day SMA. That changed last week as it started to turn back higher. The RSI is rising into the bullish zone with the MACD crossing up and about to turn positive. Look for continuation to participate…..

Eaton, Ticker: $ETN

Eaton, $ETN, bottomed in March and then started higher. It took 3 steps to reach a top in August and has been consolidating there under resistance. The RSI is rising in the bullish zone with the MACD flat but positive. Look for a push over resistance to participate…..

Honeywell, Ticker: $HON

Honeywell, $HON, stalled as it hit the 200 day SMA in June and pulled back. It ran higher then until retesting that high in August. It finally gapped over it last week. The RSI is moving up in the bullish zone with the MACD rising and positive. Look for continuation to participate…..

Constellation Brands, Ticker: $STZ

Constellation Brands, $STZ, paused in the move higher in July and then entered a shallow pullback. Friday it pushed over short term resistance with the RSI rising in the bullish zone and the MACD positive and lifting. 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 one trading day left in August, saw equity markets had put up stellar returns on the month despite the hot lazy summer weather.

Elsewhere look for Gold to consolidate in its uptrend while Crude Oil continues to slowly drift higher. The US Dollar Index continues to move to the downside while US Treasuries may be breaking consolidation to the downside. The Shanghai Composite looks to move higher in consolidation while Emerging Markets move up out of consolidation.

The Volatility Index looks to continue to run flat in the February gap 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 could us a reset on momentum measures as both are extended. The IWM may be ready to break its bull flag to the upside. 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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