5 Trade Ideas for Monday: Alexion Pharmaceuticals, Ashland, Lowe’s, Marathon Oil and Uber

• Posted by Greg Harmon
• on April 26th, 2020

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

Alexion Pharmaceuticals, Ticker: $ALXN

Alexion Pharmaceuticals, $ALXN, started lower in January, accelerated into February and made a bottom in mid-March. It has steadily moved higher since and is now challenging resistance at the 200 day SMA. The RSI is rising in the bullish zone with the MACD rising and positive. Look for a push over resistance to participate…..

Ashland, Ticker: $ASH

Ashland, $ASH, dropped out consolidation in February and found a bottom in mid-March. It has reversed since and is now working back toward resistance. The RSI is turning up towards the bullish zone with the MACD rising and positive. Look for a push over resistance to participate…..

Lowe’s, Ticker: $LOW

Lowe’s, $LOW, started lower in February, finding support in the middle of March. It reversed higher and continued until early April. Since then it has settled under resistance. The RSI is rising into the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..

Marathon Oil, Ticker: $MRO

Marathon Oil, $MRO, started to roll over lower in January. It got faster in February and then gapped down in the beginning of March. It has settles into consolidation since. Friday it peeked up over the top of the consolidation. It has a RSI rising into the bullish zone with the MACD about to turn positive. Look for a push over resistance to participate…..

Uber, Ticker: $UBER

Uber, $UBER, dropped lower from mid-February through to mid-March. It bounced from there with a quick move up to the 20 day SMA. It stalled and pulled back for a short time before running back up to resistance and consolidating. Friday it pushed over that resistance. The RSI is rising into the bullish zone with the MACD positive and moving up. Look for continuation to participate…..

Up Next: Bonus Idea

The Best

If you like what you see sign up for more ideas and deeper analysis using the Get Premium button above.   

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 last week of April, saw equity markets showed resilience, holding up in the face of a massive move in Crude Oil.

Elsewhere look for Gold to continue higher while Crude Oil may be pausing in the downtrend. The US Dollar Index continues to tighten its consolidation while US Treasuries remain in an uptrend. The Shanghai Composite looks to continue in broad consolidation while Emerging Markets pause in their short term uptrend.

The Volatility Index looks to remain elevated but continuing to move lower, making the path easier for equity markets to the upside. Their charts have hit the pause button on the shorter timeframe. On the longer timeframe the QQQ remains the strongest and has erased more of the drop than the SPY and IWM even less. All 3 are stalled at key retracement levels with the QQQ at a 61.8% retracement, the SPY 50%, and the IWM 38.2%. 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.

blog comments powered by Disqus