5 Trade Ideas for Monday: Alcoa, Lam Research, Moderna, Bank OZK and Royal Bank of Canada

• Posted by Greg Harmon
• on November 6th, 2022

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

Alcoa, Ticker: $AA

Alcoa, $AA, comes into the week testing resistance. It has a RSI rising toward the bullish zone with the MACD moving up. Look for a push through resistance to participate…..

Lam Research, Ticker: $LRCX

Lam Research, $LRCX, comes into the week breaking resistance. It has a RSI in the bullish zone and a MACD positive. Look for continuation to participate…..

Moderna, Ticker: $MRNA

Moderna, $MRNA, comes into the week at a 10 week high. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

Bank OZK, Ticker: $OZK

Bank OZK, $OZK, comes into the week pressing on resistance. It has a RSI edging into the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Royal Bank of Canada, Ticker: $RY

Royal Bank of Canada, $RY, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD 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 with the first week of November in the books, saw equity markets showed how quickly they can lose their luster.

Elsewhere look for Gold to pause its pullback while Crude Oil consolidates. The US Dollar Index looks to consolidate in the uptrend while US Treasuries resume their downtrend. The Shanghai Composite looks to possibly reverse the downtrend while Emerging Markets continue the move lower.

The Volatility Index looks to continue to drift lower from an elevated level making the path slightly easier for equity markets to the upside. Their charts look weak though on the shorter timeframe. On the longer timeframe both the IWM and SPY are holding up in the bounce. But the QQQ retesting the lows looks worse. 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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