5 Trade Ideas for Monday: Datadog, Fortune Brands, Molina Health, O-I Glass and Tandem Diabetes

• Posted by Greg Harmon
• on May 3rd, 2020

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

Datadog, Ticker: $DDOG

Datadog, $DDOG, had a slow start after the IPO, dipping to a low in October. But it climbed back from there to make a high in February. The drop from there nearly retested the low and then immediately started back higher. Now it is consolidating. The RSI is barely into overbought territory with the MACD rising and positive. Look for a push over resistance to participate…..

Fortune Brands Home & Security, Ticker: $FBHS

Fortune Brands Home & Security, $FBHS, made a top in February and then fell back. It found support in March and bounced. A retest of the low in early April saw the move back up confirm a double bottom. It stalled at resistance and pulled back. Now it is back at resistance with a RSI on the edge of the bullish zone and the MACD rising and positive. Look for a push over resistance to participate…..

Molina Healthcare, Ticker: $MOH

Molina Healthcare, $MOH, rose off of a March low and broke to a new high in mid-April. It has been consolidating since. The RSI is rising in the bullish zone with the MACD flat and positive. Look for a push over resistance to participate…..

O-I Glass, Ticker: $OI

O-I Glass, $OI, made a top in February and then pulled back. It gapped down through the prior low and found a bottom in March. Since then it has made higher lows against resistance. The RSI is barely into the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..

Tandem Diabetes Care, Ticker: $TNDM

Tandem Diabetes Care, $TNDM, topped in February and then started lower. It paused under the 20 day SMA at first and then continued to a bottom in March. Since then it has moved higher and is now at resistance. The RSI is running in the bullish zone with the MACD rising 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 the books closed on the first 4 months of the year sees equity markets seeming in need of some rest as they start May.

Elsewhere look for Gold to consolidate in the uptrend while Crude Oil continues to move higher. The US Dollar Index continues in consolidation while US Treasuries consolidate in their uptrend. The Shanghai Composite looks to continue consolidation in a shortened week while Emerging Markets are poised for a possible reversal lower.

The Volatility Index looks to remain elevated and not so ready to move lower putting a speed bump in the path for equity markets. Their charts show consolidation in the shorter timeframe, holding in bullish ranges, but all have printed possible reversal candles on the longer timeframe. The QQQ continues to look the strongest with the SPY next and the IWM bringing up the rear. 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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