5 Trade Ideas for Monday: Amgen, Arena Pharma, Cirrus Logic, Chart Industries and MongoDB

• Posted by Greg Harmon
• on June 28th, 2020

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

Amgen, Ticker: $AMGN

Amgen, $AMGN, started higher in March and made a top in April as it retraced the drop. It fell back to the 200 day SMA from there and bounced. The past week it has built a bull flag. The RSI is drifting lower after tagging the bullish range and the MACD is flat and positive. Look for a break of the flag to participate…..

Arena Pharmaceuticals, Ticker: $ARNA

Arena Pharmaceuticals, $ARNA, started higher off of a low in March. it continued to a top in early June before pulling back to the 20 day SMA. Now it is turning back higher with a RSI flat in the bullish zone and the MACD flat and positive after resetting lower. Look for a push higher to participate…..

Cirrus Logic, Ticker: $CRUS

Cirrus Logic, $CRUS, rose from a bottom in March and continued until the end of April. It paused then and reversed lower. Another bounce in May to a lower high later that month also fell back. That continued until last week when it ended with a reversal. The RSI is turning back higher with the MACD leveling but negative. Look for continuation to participate…..

Chart Industries, Ticker: $GTLS

Chart Industries, $GTLS, made a bottom in March and then started higher. It has continued to a top in June before pulling back. It ended last week moving higher though with the RSI rising in the bullish zone and the MACD about to cross up and positive. Look for continuation to participate…..

MongoDB, Ticker: $MDB

MongoDB, $MDB, started higher in March ending a waterfall move lower. It continued, reaching a top in early June. It pulled back from there to a higher lower and reversed 3 weeks ago. Now it is heading higher with the RSI into the bullish zone and the MACD crossing up. Look for continuation 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 just 2 trading days left in the first half of the year saw profit taking in equity markets and possibly more damaging activity.

Elsewhere look for Gold to possibly continue its move higher while Crude Oil consolidates in the uptrend. The US Dollar Index continues to drift in sideways motion while US Treasuries move higher in their consolidation. The Shanghai Composite looks to continue to mark time as well along with Emerging Markets.

The Volatility Index looks to remain elevated and in consolidation keeping pressure on equity markets. Their charts are resetting lower, but currently without much damage on the short time frame. The longer timeframe is slightly better, but showing upper shadows for a possible retrench. Next week could give some clarity after the quarter ends. 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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