5 Trade Ideas for Monday: Alexion, Biogen, Huntington Banc, Norfolk Southern and PerkinElmer

• Posted by Greg Harmon
• on November 1st, 2020

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

Alexion Pharmaceuticals, Ticker: $ALXN

Alexion Pharmaceuticals, $ALXN, rounded up above the 200 day SMA in August and has made a series of higher highs and higher lows since. It is currently in consolidation in a pullback at the 50 day SMA with the RSI falling and the MACD dropping towards zero. Look for a break lower to participate…..

Biogen, Ticker: $BIIB

Biogen, $BIIB, started to revere lower when it hit the 200 day SMA last month. It continued until last week when it found support and consolidated. The RSI is turning back higher with the MACD leveling. Look for a move higher to participate…..

Huntington Bancshares, Ticker: $HBAN

Huntington Bancshares, $HBAN, comes into the week at recent highs and over the 200 day SMA. The RSI is rising in the bullish zone with the MACD moving higher. Look for a push over resistance to participate…..

Norfolk Southern, Ticker: $NSC

Norfolk Southern, $NSC, started moving higher when it broke above the 200 day SMA in July. It continued to a top in September and has been slowly rolling lower since. It found support last week and ended reversing higher. The RSI is also moving higher again with the MACD leveling but slightly negative. Look for continuation to participate…..

PerkinElmer, Ticker: $PKI

PerkinElmer, $PKI, moved higher off of the 50 day SMA in September, reaching a top in October. It pulled back and found support again at the 50 day SMA before the current move higher. The RSI is rising in the bullish zone with the MACD pushing higher. 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 ten months in the books, saw equity markets looking to start November sitting on support with downside momentum building into the election.

Elsewhere look for Gold to continue its pullback while Crude Oil may begin a new downtrend. The US Dollar Index continues to rise in consolidation while US Treasuries continue in their downtrend. The Shanghai Composite looks to continue to consolidate while Emerging Markets pullback in their uptrend.

The Volatility Index is spiking, putting a headwind against the equity markets. Their charts are all in downtrends on the shorter timeframe. On the longer timeframe both the QQQ and SPY sit on support and at risk of a break down. The IWM continues to lead, holding up the best of the three. 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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