5 Trade Ideas for Monday: Anthem, ConocoPhillips, McKesson, Old Dominion and Regeneron

• Posted by Greg Harmon
• on November 28th, 2021

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

Anthem, Ticker: $ANTM

Anthem, $ANTM, comes into the week at support after a pullback. The RSI is falling through the midline with the MACD dropping. Look for a drop through support to participate…..

ConocoPhillips, Ticker: $COP

ConocoPhillips, $COP, comes into the week pulling back from a top and making short term support. The RSI is dropping through the midline with the MACD turning down and about to go negative. Look for a push through support to participate…..

McKesson, Ticker: $MCK

McKesson, $MCK, comes into the week at support. The RSI is running lower with the MACD crossed down. Look for a break of support to participate…..

Old Dominion Freight Line, Ticker: $ODFL

Old Dominion Freight Line, $ODFL, comes into the week in consolidation over support. The RSI is trending lower with the MACD crossed down. Look for a break of support to participate…..

Regeneron Pharmaceuticals, Ticker: $REGN

Regeneron Pharmaceuticals, $REGN, comes into the week dropping to support. It has a RSI rolling lower with the MACD about to cross down. Look for a push through support 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 2 trading days left in November, saw equity markets  showing some degree of weakness in the short term.

Elsewhere look for Gold to consolidate after a pullback while Crude Oil pulls back from multi-year highs. The US Dollar Index continues to trend to the upside while US Treasuries consolidate. The Shanghai Composite looks to continue in broad consolidation while Emerging Markets extend losses in a downtrend.

The Volatility Index looks to remain elevated making the path more difficult for equity markets to the upside. Their charts remain mixed with the SPY and QQQ stronger than the IWM. For the strong ones, they continue to look stronger on the longer timeframe. On the shorter timeframe both the QQQ and SPY are resetting momentum measures and at risk for more pullback.

The IWM is right in the middle of the longer term consolidation covering all of 2021, but in a downtrend on the daily chart. The Hammer candle on the gap down to end the week could show us that the worst is over after more than an 8% drop. 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.

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