5 Trade Ideas for Tuesday: Covanta, Manitowoc, Prudential, Telephone and Data Systems, and US Cellular

• Posted by Greg Harmon
• on January 18th, 2021

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

Covanta, Ticker: $CVA

Covanta, $CVA, confirmed a double bottom when it pushed up over the June high in early November. It has continued higher since. The price pushed over short term resistance Friday with the RSI rising in the bullish zone and the MACD flat but positive. Look for continuation to participate…..

Manitowoc, Ticker: $MTW

Manitowoc, $MTW, also confirmed a double bottom on a move over the June high in December. It paused shortly after and then moved up into the current consolidation. The RSI is bullish with the MACD rising and positive. Look for a push up out of consolidation to participate…..

Prudential Financial, Ticker: $PRU

Prudential Financial, $PRU, also had a peak in June. It traded sideways for over 5 months after stalling there though. It moved higher again in November and is starting higher again now. The RSI is rising in the bullish zone with the MACD moving up and positive. Look for continuation to participate…..

Telephone and Data Systems, Ticker: $TDS

Telephone and Data Systems, $TDS, tried to break higher in August but quickly failed. it fell back to a higher low and consolidated until breaking to the upside Friday. The RSI is rising and bullish with the MACD positive and climbing. Look for continuation to participate…..

United States Cellular, Ticker: $USM

United States Cellular, $USM, also pulled back from an August high. It found support in October and has been consolidating in a range. Friday saw it rise to resistance with the RSI rising and bullish and the MACD positive and moving up. 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 heading into the Martin Luther King weekend and with January Options Expiration in the books, saw equity markets looking a bit tired.

Elsewhere look for Gold to continue its short term pullback while Crude Oil continues to trend higher. The US Dollar Index is trying to bounce in the downtrend while US Treasuries trend lower. The Shanghai Composite looks to continue higher while Emerging Markets meet resistance as they test all-time highs in an uptrend.

The Volatility Index looks to remain low but with an upward bias making the path harder for equity markets to the upside. Their charts look strong on the longer timeframe. On the shorter timeframe both the QQQ and SPY look gassed and are retrenching. The IWM continues to lead but may also be ready to pause. 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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