5 Trade Ideas for Monday: AmerisourceBergen, Ally, Capital One, Electronic Arts and Eli Lilly

• Posted by Greg Harmon
• on November 24th, 2019

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

AmerisourceBergen, Ticker: $ABC

AmerisourceBergen, $ABC, rose from an April low to a peak in July. The pullback from there found the 200 day SMA and then reversed. Last week it made a higher high, with the RSI rising in the bullish zone and the MACD positive and moving higher. Look for continuation to participate…..

Ally Financial, Ticker: $ALLY

Ally Financial, $ALLY, ran up to a top in July before a pullback. It made a second move higher to a September top and then pulled back again. Since then it has been in a tight consolidation. The RSI is rising into the bullish zone with the MACD crossed up and about to turn positive. Look for a break higher to participate…..

Capital One, Ticker: $COF

Capital One, $COF, made a top in July and then gapped lower. It bottomed in the pullback shortly after reaching the 200 day SMA and reversed to a lower high. Another drop also stopped just below the 200 day SMA and reversed. It stalled at the July high and has consolidated. The RSI is rising in the bullish zone with the MACD level and positive. Look for a push over resistance to participate…..

Electronic Arts, Ticker: $EA

Electronic Arts, $EA, rose from a bottom in December, but only marginally, stalling in February. Since then it drifted slowly lower for 6 months before rounding to the upside slowly. It has a RSI rising into the bullish zone with the MACD positive and lifting. Look for a push higher to participate…..

Eli Lilly, Ticker: $LLY

Eli Lilly, $LLY, started higher in December reaching a top in March. Since then it retraced the full move up and churned in a wide channel. It ended the week at the top of that channel with the RSI rising into the bullish zone and the MACD positive and moving higher. Look for for a push over the channel 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 heading into the shortened Thanksgiving week gave equity investors a lot to be thankful for with stock prices sticking near all-time highs.

Elsewhere look for Gold to continue the pullback while Crude Oil rises in consolidation. The US Dollar Index looks to continue to drift higher while US Treasuries bounce in their downtrend. The Shanghai Composite is pulling back in consolidation while Emerging Markets mark time moving sideways at resistance.

Volatility remains very low keeping the bias to the upside for the equity index ETF’s SPY, IWM and QQQ. The SPY and QQQ both sit above the 20 day SMA’s and look strong after a digestive week while the IWM continues to churn in a wide consolidation. 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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