5 Trade Ideas for Monday: Alcoa, AbbVie, Amgen, Boeing and Caterpillar

• Posted by Greg Harmon
• on August 28th, 2022

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

Alcoa, Ticker: $AA

Alcoa, $AA, comes into the week pulling back from a lower high. The RSI is moving lower in the bullish zone with the MACD leveling. Look for continuation lower to participate…..

AbbVie, Ticker: $ABBV

AbbVie, $ABBV, comes into the week testing support. It has a RSI dropping in the bearish zone with the MACD crossed down and negative. Look for a break of support to participate…..

Amgen, Ticker: $AMGN

Amgen, $AMGN, comes into the week breaking support. It has a RSI falling in the bearish zone with the MACD negative and dropping. Look for continuation to participate…..

Boeing, Ticker: $BA

Boeing, $BA, comes into the week pulling back from a retest of the prior high. It has a RSI dropping and the MACD falling. Look for continuation to participate…..

Caterpillar, Ticker: $CAT

Caterpillar, $CAT, comes into the week testing support. It has a RSI dropping with the MACD flat but crossing down. Look for a break of support 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 only 3 trading days left in August, saw equity markets had a week where they went from optimistic to horrified following the Jackson Hole speech.

Elsewhere look for Gold to continue its pullback while Crude Oil resumes the downtrend. The US Dollar Index continues to move to the upside while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue a short term move lower while Emerging Markets remain in a downtrend.

The Volatility Index is slightly elevated and biased higher making the path more difficult for equity markets to the upside. Their charts took a beating on the short term timeframe, possibly creating a new downtrend. On the longer timeframe there is still the prospect that June was the long term bottom until it is violated by a lower low. Meaning any reversal before then is a positive. 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.

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