5 Trade Ideas for Monday: Avantor, BP, M&T, Nasdaq and Valero

• Posted by Greg Harmon
• on May 16th, 2021

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

Avantor, Ticker: $AVTR

Avantor, $AVTR, ran higher in a strong uptrend along the 50 day SMA from March 2020 for nearly a year. After pulling back in March this year it stated higher again and is bouncing off the 50 day SMA again. The RSI is rising and the MACD curling to reverse higher. Look for continuation to participate…..

BP, Ticker: $BP

BP, $BP, rose off an October low and met resistance in March. It has consolidated under that level since. The RSI is in the bullish zone with the MACD rising and positive. Look for a push over resistance to participate…..

M&T Bank, Ticker: $MTB

M&T Bank, $MTB, had a hard time moving off the pandemic low, not really moving up until November. Since then, it ran to a top at the end of February and pulled back. Now it is breaking to a new high. The RSI is rising in the bullish zone with the MACD lifting and positive. Look for continuation to participate…..

Nasdaq, Ticker: $NDAQ

Nasdaq, $NDAQ, rose out of consolidation and has continued to move higher to a top last week. It ended the week reversing a pullback with the RSI rising in the bullish zone and the MACD turning up after resetting lower. Look for continuation to participate…..

Valero, Ticker: $VLO

Valero, $VLO, rose off a November low and, after a pause as it cleared the 200 day SMA, continued to a top in March. After a pullback and consolidation it reversed and is now back at that top. The RSI is holding in the bullish zone with the MACD flat but positive. Look for a move 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 May options expiration week, sees equities markets have become mixed.

Elsewhere look for Gold to continue its move higher while Crude Oil consolidates in a tight range. The US Dollar Index resumes its move to the downside while US Treasuries consolidate in their pullback. The Shanghai Composite looks to continue to mark time moving sideways while Emerging Markets consolidate just under the February highs.

The Volatility Index looks to remain low after a spike making the path easier again for equity markets to the upside. Their charts also look good on the longer timeframe, with the SPY showing real strength over the IWM and QQQ in consolidation. On the shorter timeframe both the QQQ and SPY held at higher lows and reversed showing some strength while the IWM continues in the 4 month churn. 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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