5 Trade Ideas for Monday: Deere, Fidelity National Information, Lockheed Martin, McCormick and Teck Resources

• Posted by Greg Harmon
• on December 29th, 2019

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

Deere, Ticker: $DE

Deere, $DE, pulled back to a higher low in August and reversed there for a run to a new all-time high in November. It pulled back then to the 200 day SMA and bounced. Coming into the week it is consolidating with the RSI rising in the bullish zone and the MACD positive and moving up. Look for a push over resistance to participate…..

Fidelity National Information Services, Ticker: $FIS

Fidelity National Information Services, $FIS, ended an 8 month climb in early September and started to pullback. It found support in October and reversed and is now pushing back to that high. The RSI is holding in the bullish zone with the MACD flat and positive. Look for a push over resistance to participate…..

Lockheed Martin, Ticker: $LMT

Lockheed Martin, $LMT, had a 9 month run higher end in September. The pullback from there was minor, and it rebounded back to the top in November. Another shallow drop and it is approaching resistance again. The RSI is rising in the bullish zone with the MACD positive and moving higher. Look for a push over resistance to participate…..

McCormick, Ticker: $MKC

McCormick, $MKC, made a higher high early in December and then pulled back. It quickly found support and reversed and is now back near that high. The RSI is rising and bullish with the MACD crossing up and positive. Look for a push over resistance to participate…..

Teck Resources, Ticker: $TECK

Teck Resources, $TECK, found support in a downtrend in October and began to consolidate. The stock ran sideways under resistance until breaking higher at the end of last week. The RSI has pushed into the bullish zone and the MACD is rising and positive. 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 2 trading days left in the decade saw equity markets showing signs of tiring after a long run higher.

Elsewhere look for Gold to continue its move higher while Crude Oil joins it on the path higher. The US Dollar Index looks to continue to the downside while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue to consolidate while Emerging Markets move higher over long term resistance.

The Volatility Index looks to remain very low making the path easier for equity markets to the upside. Their charts look strong on the longer timeframe, but are starting to look extended on the shorter timeframe. Both the QQQ and SPY could use a reset on momentum measures and the IWM is already digesting its move. 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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