5 Trade Ideas for Monday: Abbott Labs, AstraZeneca, Cognex, HollyFrontier and Intel

• Posted by Greg Harmon
• on March 15th, 2020

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

Abbott Laboratories, Ticker: $ABT

Abbott Laboratories, $ABT, broke below the 50 day SMA in February and then cascaded lower. Thursday it made a low and then moved higher Friday. It stalled at resistance with the RSI moving higher and the MACD about to cross up. Look for a push over resistance to participate…..

AstraZeneca, Ticker: $AZN

AstraZeneca, $AZN, gapped down Thursday as it broke below the 200 day SMA. Friday saw a bounce and move back higher. The RSI is rising from deep in bearish territory with the MACD leveling. Look for continuation to participate…..

Cognex, Ticker: $CGNX

Cognex, $CGNX, made a high in January and then reversed lower with a gap down. It continued to a low Thursday 40% lower. Friday it bounced hard with the RSI making a higher high and then MACD turning up toward a cross. Look for continuation to participate…..

HollyFrontier, Ticker: $HFC

HollyFrontier, $HFC, started rolling lower in from a high in October. It gained momentum as it fell through the 200 day SMA at the start of the year and reached a possible bottom Thursday last week. The RSI is oversold and moving higher with the MACD turning flat at extreme levels. Look for a continuation of Friday’s move higher to participate…..

Intel, Ticker: $INTC

Intel, INTC, topped in January and then started lower. It continued through Thursday last week and then saw a strong bounce Friday. The RSI moved to a new high out of oversold territory while the MACD is 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 after a week of previously unseen price action that saw wild daily swings and huge volume, the equity markets entered a Bear Market.

Elsewhere look for Gold to continue its pullback while Crude Oil pauses in its drop. The US Dollar Index looks to continue to move back higher while US Treasuries pullback in their uptrend. The Shanghai Composite looks to consolidate under resistance while Emerging Markets move lower.

The Volatility Index looks to remain extreme making the road for equities bumpy and wild. The Equity Index ETF charts are damaged with all holding below their 200 day SMA’s. The longer timeframes are now also favoring the bearish path. The lone bright spot was a big rally in the last 30 minutes to end an historic week. 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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