5 Trade Ideas for Monday: Analog Devices, Broadcom, Fedex, Lilly and Prudential

• Posted by Greg Harmon
• on April 21st, 2024

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

Analog Devices, Ticker: $ADI

Analog Devices, $ADI, comes into the week approaching support. It has a RSI dipping into the bearish zone with the MACD negative. Look for a break of support to participate…..

Broadcom, Ticker: $AVGO

Broadcom, $AVGO, comes into the week approaching support. It has a RSI in the bearish zone with the MACD negative. Look for ap drop through support to participate…..

Fedex, Ticker: $FDX

Fedex, $FDX, comes into the week possibly reversing higher. It has a RSI in the bullish zone with the MACD positive. Look for continuation to participate…..

Lilly, Ticker: $LLY

Lilly, $LLY, comes into the week at support. It has a RSI in the bearish zone with the MACD negative. Look for a push through support to participate…..

Prudential, Ticker: $PRU

Prudential, $PRU, comes into the week reversing higher. It has a RSI at the midline with the MACD negative but curling 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 the April options expiry in the books, equity markets finished the week black and blue after taking a beating.

Elsewhere look for Gold to continue its consolidation at all-time highs in the uptrend while Crude Oil pulls back in its uptrend. The US Dollar Index continues to drift to the upside while US Treasuries pullback in their downtrend. The Shanghai Composite looks to continue the consolidation in its short term uptrend while Emerging Markets drop in broad consolidation.

The Volatility Index looks to remain low but rising keeping the pressure on equity markets. Their charts look weak, especially on the shorter timeframe. On the longer timeframe both the QQQ and SPY remain above break out levels from the start of the year, not a problem yet. The IWM has fallen back into its long channel consolidation though a failed break out. These often lead to fast moves lower. 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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