5 Trade Ideas for Monday: Amgen, BlackRock, BP, General Mills and QUALCOMM

• Posted by Greg Harmon
• on July 23rd, 2023

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

Amgen, Ticker: $AMGN

Amgen, $AMGN, comes into the week approaching resistance. It has a RSI in the bullish zone with the MACD positive and rising. Look for a push over resistance to participate…..

BlackRock, Ticker: $BLK

BlackRock, $BLK, 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…..

BP, Ticker: $BP

BP, $BP, comes into the week approaching resistance. It has a RSI rising to the bullish zone with the MACD positive. Look for a push over resistance to participate…..

General Mills, Ticker: $GIS

General Mills, $GIS, comes into the week at resistance. It has a RSI rising at the midline with the MACD crossed up. Look for a push over resistance to participate…..

QUALCOMM, Ticker: $QCOM

QUALCOMM, $QCOM, comes into the week at resistance. The RSI is 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 July options expiration in the books, saw equity markets showed some signs of tiring after a promising start to the week.

Elsewhere look for Gold to possibly reverse to the upside out of consolidation while Crude Oil consolidates in the top of a broad range. The US Dollar Index looks to bounce in the downtrend while US Treasuries continue in consolidation. The Shanghai Composite looks to continue the slow drift lower in consolidation while Emerging Markets consolidate in a tightening range.

The Volatility Index looks to remain very low and stable making the path easier for equity markets to the upside. Their charts look strong, especially on the longer timeframe. On the shorter timeframe both the IWM and QQQ are resetting lower and leading the SPY as they all move back closer to their respective 20 day SMA’s. 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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