5 Trade Ideas for Monday: Blackstone, Facebook, Horizon Therapeutics, KKR and Old Dominion Freight

• Posted by Greg Harmon
• on June 21st, 2020

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

Blackstone, Ticker: $BX

Blackstone, $BX, made a bottom in March and started back higher. It oscillated around the 200 day SMA in May and continued up to a top in early June. A pullback stopped just short of the 200 day SMA and it is now moving back to prior resistance. The RSI is rising in the bullish zone with the MACD turning to cross up. Look for a push over resistance to participate…..

Facebook, Ticker: $FB

Facebook, $FB, topped in January and then made a mild pullback. It rebounded to a lower high and then it dropped fast to the March low. Since then it has move up to a new all-time high and then consolidated. The RSI is in the bullish zone and rising after a rest lower, with the MACD level after a pullback. Look for a push through resistance to participate….

Horizon Therapeutics, Ticker: $HZNP

Horizon Therapeutics, $HZNP, made a low in March and then started higher. It made a new high gapping over the prior level in May and continued to a top at the end of the month. A mild pullback found support last week and reversed back higher. The RSI is rising in the bullish zone with the MACD turning to cross up. Look for a push over resistance to participate…..

KKR, Ticker: $KKR

KKR, $KKR, gapped down in February and then proceeded to a low in March. Since then it has moved higher and is now back at the gap. The RSI is rising and bullish with the MACD lifting and positive. Look for a push over resistance to participate…..

Old Dominion Freight Line, Ticker: $ODFL

Old Dominion Freight Line, $ODFL, started higher off of a low in March. As it crossed into May it broke above the February high and continued to a top at the end of May. It pulled back from there and is now rising again. The RSI is rising in the bullish zone with the MACD turning to cross up and 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 June options expiration and quad witching behind, sees equity markets are mixed heading into the last full week of the first half.

Elsewhere look for Gold to continue to consolidate in the uptrend while Crude Oil consolidates in a broad range. The US Dollar Index looks to move to the upside in a reversal while US Treasuries pullback in their drift lower. The Shanghai Composite looks to continue the move higher in consolidation while Emerging Markets consolidate.

The Volatility Index looks to remain elevated but drifting lower making the path easier for equity markets to the upside. Their weekly charts look strong, especially the QQQ on the longer timeframe. On the shorter timeframe both the IWM and SPY have paused at the gaps from last week while the QQQ is ready for new highs. 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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