5 Trade Ideas for Monday: Bristol-Myers, BP, Clorox, Chevron and Northrop

• Posted by Greg Harmon
• on May 8th, 2022

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

Bristol-Myers Squibb, Ticker: $BMY

Bristol-Myers Squibb, $BMY, comes into the week pressing against resistance in a bull flag. The RSI is rising in the bullish zone with the MACD leveling and positive. Look for a push through resistance to participate…..

BP, Ticker: $BP

BP, $BP, comes into the week at resistance. The RSI is rising in the bullish zone with the MACD positive and moving up. Look for a push over resistance to participate….

Clorox, Ticker: $CLX

Clorox, $CLX, comes into the week pushing above resistance. It has a RSI rising in the bullish zone with the MACD lifting and positive. Look for continuation to participate…..

Chevron, Ticker: $CVX

Chevron, $CVX, comes into the week moving higher towards resistance. It has a RSI rising in the bullish zoner and a MACD crossing up and positive. Look for continuation to participate…..

Northrop Grumman, Ticker: $NOC

Northrop Grumman, $NOC, comes into the week at resistance. It has a RSI rising in the bullish zone with the MACD crossed up and rising. Look for a push through 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 first week of May in the books, saw equity markets remain in downtrends.

Elsewhere look for Gold to pullback while Crude Oil may resume the uptrend. The US Dollar Index continues to the upside while US Treasuries trend lower. The Shanghai Composite looks to continue lower while Emerging Markets trend to the downside.

The Volatility Index looks to remain elevated making the path easier for equity markets to the downside. Their charts also look weak, especially on the longer timeframe. On the shorter timeframe both the QQQ and IWM are also weak and look better lower. The SPY sits at support though with a breakdown would join them lower. 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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