5 Trade Ideas for Monday: Johnson & Johnson, Olin, R1 RCM, Tractor Supply and Voya

• Posted by Greg Harmon
• on February 23rd, 2020

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

Johnson & Johnson, Ticker: $JNJ

Johnson & Johnson, $JNJ, started higher in October, reaching a top early in February. It pulled back from there and seems to have found support at the 50 day SMA. The RSI is turning back higher at the lower edge of the bullish zone with the MACD leveling and positive. Look for a reversal to participate…..

Olin, Ticker: $OLN

Olin, $OLN, fell back from a plateau in November, retesting and then undercutting the August low. Since then it has moved higher. The RSI is rising and bullish with the MACD moving up and positive. Look for continuation to participate…..

R1 RCM, Ticker: $RCM

R1 RCM, $RCM, started a move higher in October. It paused at the end of November as it reached the prior high, and then pulled back. It started higher gain in December, and has built tightening consolidation under resistance. The RSI is holding in the bullish zone with the MACD flat but positive. Look for a push over resistance to participate…..

Tractor Supply, Ticker: $TSCO

Tractor Supply, $TSCO, has moved sideways under resistance since October. It ended last week pushing over that resistance. The RSI is rising and bullish with the MACD positive and moving up. Look for continuation to participate…..

Voya Financial, Ticker: $VOYA

Voya Financial, $VOYA, started higher in August. It made a top in December after a gap up and has consolidated since. Last week it broke consolidation. The RSI is holding in the bullish zone with the MACD lifting 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 February options expiration ended, and one week left in the month, saw equity markets starting to move lower.

Elsewhere look for Gold to continue its strength while Crude Oil creeps higher in consolidation. The US Dollar Index remains in an uptrend despite Friday weakness while US Treasuries seem poised to print record highs. The Shanghai Composite looks to continue the move higher while Emerging Markets move lower in broad consolidation.

The Volatility Index looks to remain at elevated levels, continuing to put pressure on equity markets. Their charts are looking weaker on the shorter timeframe with the exception of the IWM in consolidation. On the longer timeframe the SPY and QQQ still look strong as they work off overbought conditions. 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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