5 Trade Ideas for Monday: Fastenal, Flowserve, Garmin, Jazz Pharma and Zoetis

• Posted by Greg Harmon
• on February 2nd, 2020

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

Fastenal, Ticker: $FAST

Fastenal, $FAST, gapped higher in October and then went into a 3½ month consolidation. Now it is approaching support with the RSI falling to the bearish zone with the MACD dropping and negative. Look for a push under support to participate…..

Flowserve, Ticker: $FLS

Flowserve, $FLS, bounced off of a bottom in August, stalling on a gap fill in September. It turned lower again but found support at a higher low and reversed. After making a higher high in early November it has consolidated. The RSI is falling into the bearish zone with the MACD falling and negative. Look for a break of support to participate…..

Garmin, Ticker: $GRMN

Garmin, $GRMN, started higher in August, and after a gap up in October fell into consolidation. It made an attempt to push higher last month but fell back and is nearing support. The RSI is falling through the mid line with the MACD crossed down and dropping. Look for a break of support to participate…..

Jazz Pharmaceuticals, Ticker: $JAZZ

Jazz Pharmaceuticals, $JAZZ, started higher off of a low in October. It continued to a peak in November and then settled into consolidation. The price is testing the bottom of consolidation with the RSI falling to the bearish zone and the MACD dropping and negative. Look for a break of support to participate…..

Zoetis, Ticker: $ZTS

Zoetis, $ZTS, started moving higher again in November and reached a top last month. It pulled back and bounced then started a second step down at the end of last week. The RSI is falling toward the bearish zone with the MACD crossed down and falling. Look for continuation under 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 the first month of the year in the books, saw equity markets had finally stalled and started to retrace after a long strong run in the 4th Quarter and into January.

Elsewhere look for Gold to continue to move higher while Crude Oil tests the lower end of a broad consolidation channel. The US Dollar Index looks better to the downside while US Treasuries head towards the all-time highs. The Shanghai Composite looks to re-open with a bias lower compounded by a week of pent up news while Emerging Markets continue a short term downtrend.

The Volatility Index looks to remain elevated making the path easier for equity markets to the downside. Their charts also look weak on the shorter timeframe with the IWM the ugliest and the SPY now at possible support. Only the QQQ remains near the 20 day SMA. The longer timeframe looks much less concerning for the QQQ and SPY. The IWM is weaker but at support on this timeframe. 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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