5 Trade Ideas for Monday: BP, HF Sinclair, Flowserve, Home Bancshares and Molina Health

• Posted by Greg Harmon
• on February 11th, 2024

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

BP, Ticker: $BP

BP, $BP, 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…..

HF Sinclair, Ticker: $DINO

HF Sinclair, $DINO, comes into the week breaking resistance. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

Flowserve, Ticker: $FLS

Flowserve, $FLS, comes into the week pressing back to resistance. It has a RSI in the bullish zone with the MACD positive. Look for a push over resistance to participate…..

Home Bancshares, Ticker: $HOMB

Home Bancshares, $HOMB, comes into the week reversing higher. It has a RSI lifting as well with the MACD turning to cross up. Look for continuation to participate…..

Molina Health, Ticker: $MOH

Molina Health, $MOH, comes into the week breaking resistance. It has a RSI in the bullish zone with 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 heading into February options expiration, saw equity markets continued to show strength, especially on the large cap and tech indexes.

Elsewhere look for Gold to continue in consolidation while Crude Oil consolidates in a broad range. The US Dollar Index continues to drift to the upside in consolidation while US Treasuries pullback in their downtrend. The Shanghai Stock Exchange will be closed all week for the Lunar New Year holiday while Emerging Markets consolidate under resistance.

The Volatility Index looks to remain very low making the path easier for equity markets to the upside. Their charts also look strong, especially on the longer timeframe where the SPY and QQQ are up 14 of the last 15 weeks and 5 in a row. On the shorter timeframe the QQQ and SPY closed a record highs and look strong. The IWM is trying to break higher on the short term basis and make a run at the top of the 22 month channel. 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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