5 Trade Ideas for Monday: JB Hunt, Kansas City Southern, M&T Bank, Perrigo and Phillips 66

• Posted by Greg Harmon
• on December 6th, 2020

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

JB Hunt, Ticker: $JBHT

JB Hunt, $JBHT, ran to a top in August and then reversed. After 5 weeks heading lower it reversed and rose to a lower high, before another reversal lower. It has been rising since and is now in consolidation. The RSI is rising in the bullish zone with the MACD lifting and positive. Look for a push over resistance to participate…..

Kansas City Southern, Ticker: $KSU

Kansas City Southern, $KSU, made a high in September and then went to sleep. It has done nothing since, moving sideways for over 3 months. It ended last week back at that high with the RSI rising in the bullish zone and the MACD flat and positive. Look for a push over resistance to participate…..

M&T Bank, Ticker: $MTB

M&T Bank, $MTB, fell to a low in March and then bounced. It met resistance in June and fell back. It held in tight consolidation until the latest push higher back to resistance. The RSI is rising in the bullish zone with the MACD crossing up. Look for a push over resistance to participate…..

Perrigo, Ticker: $PRGO

Perrigo, $PRGO, was moving higher off a higher low and met resistance. It is consolidating with the RSI rising into the bullish zone and the MACD level and positive. Look for a push over resistance to participate…..

Phillips 66, Ticker: $PSX

Phillips 66, $PSX, stalled in a move higher off the March low when it hit the 200 day SMA in June. It then reversed lower for the next 5 months before finding support at the March low. It reversed to the upside again and has been stepping higher since. The RSI is rising in the bullish zone with the MACD flat 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 just 18 trading days left in the year, sees equity markets seemingly starting to sprint to the finish.

Elsewhere look for Gold to continue its short term move higher in the pullback while Crude Oil slowly drifts higher. The US Dollar Index continues to make new lows while US Treasuries continue in their downtrend. The Shanghai Composite looks to be primed to push through resistance higher while Emerging Markets continue their uptrend.

The Volatility Index looks to continue to close the February gap lower making the path easier for equity markets to the upside. Their charts look strong, especially on the longer timeframe. On the shorter timeframe both the QQQ and SPY are both taking smaller steps higher as the IWM is leading the charge. 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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