5 Trade Ideas for Monday: Conagra, CBOE, Costco, Eaton and Target

• Posted by Greg Harmon
• on December 27th, 2020

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

Conagra, Ticker: $CAG

Conagra, $CAG, settled into a tight consolidation as it moved into November. As it comes into the week it is at resistance with the RSI rising in the bullish zone and the MACD turning positive. Look for a push over resistance to participate…..

Cboe, Ticker: $CBOE

Cboe, $CBOE, fell from a bounce top in June, settling to a low at the end of October. It moved back up from there to the 200 day SMA and August high before dropping again. It comes into the week pressing through short term resistance with the RSI rising into the bullish zone and the MACD crossing up. Look for continuation to participate…..

Costco, Ticker: $COST

Costco, $COST, started higher out of consolidation in July and reached a top in November. It has pulled back over the past month and now appears to be reversing higher. The RSI is turning back up and he MACD leveling. Look for continuation to participate…..

Eaton, Ticker: $ETN

Eaton, $ETN, has moved steadily higher off the March low. It enters the week rounding up with a RSI rising in the bullish zone and the MACD looking to cross up. Look for continuation to participate…..

Target, Ticker: $TGT

Target, $TGT, has plodded higher since the March low. It is rounding out of a pullback with the RSI rising in the bullish zone and the MACD turning to cross up. Look for continuation 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 4 trading days left in 2020, saw equity markets remaining strong.

Elsewhere look for Gold to continue its short term uptrend while Crude Oil works slowly higher. The US Dollar Index continues to look better to the downside while US Treasuries pullback in their downtrend. The Shanghai Composite looks to consolidate in a broad range over long term support while Emerging Markets trend higher.

The Volatility Index looks to drop slowly making the path easier for equity markets to the upside. Their charts look strong, especially on the longer timeframe, with the IWM and QQQ marching higher and the SPY in consolidation. On the shorter timeframe both the QQQ and SPY are resetting momentum measures with the IWM driving higher. 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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