5 Trade Ideas for Monday: ADTRAN, Conagra, CME, Flowserve and Merck

• Posted by Greg Harmon
• on April 5th, 2020

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

ADTRAN, Ticker: $ADTN

ADTRAN, $ADTN, was in a sideways consolidation for 4 months when it broke to the downside. It found a bottom a month later and then reversed. Now it is at short term resistance with the RSI rising into the bullish zone and the MACD positive and moving up. Look for a push over resistance to participate…..

Conagra, Ticker: $CAG

Conagra, $CAG, gapped down in February and continued to a bottom in mid-March. it quickly retraced and filled the gap, but just as quickly moved back lower. Now it is moving higher again and at resistance. The RSI is rising in the bullish zone with the MACD positive and pushing higher. Look for a push over resistance to participate…..

CME, Ticker: $CME

CME, $CME, was moving sideways for nearly 10 months when it gapped down. It continued to move lower until finding support in mid-March. Since then it has reversed higher and is stalling coming into the new week. The RSI is level at the mid line after a move up with the MACD rising but negative. Look for a push over resistance to participate…..

Flowserve, Ticker: $FLS

Flowserve, $FLS, started to roll over when the New Year began. It picked up speed into March, and found support mid-month. Since then it has slowly moved higher and is meeting resistance. The RSI is rising but in the bearish zone with the MACD rising. Look for a push over resistance to participate…..

Merck, Ticker: $MRK

Merck, $MRK, started lower from a top in December. It paused in early March and then continued lower to a bottom 2 weeks ago. Since then it has been moving higher. Now at resistance, the RSI is at the mid line with the MACD rising. Look for a push through 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 in a week with record unemployment filings and a non-farm payroll report that ended a 10 year streak of adding jobs, saw equity markets show resilience on the mid to large cap side, not so much for the small caps.

Elsewhere looks for Gold to continue to move higher while Crude Oil reverses to the upside to join it. The US Dollar Index is also moving to the upside while US Treasuries push back towards all-time highs. The Shanghai Composite looks to consolidate in a broad range while Emerging Markets head lower.

The Volatility Index is settling back lower but remains at very high levels, keeping the pressure on equity markets. Their charts all reversed from the bounce last week with the IWM showing the weakest performance, renewing the downtrend. The SPY and QQQ moved lower but both had their narrowest range since before the drop began in mid-February, perhaps showing signs of growing clarity. 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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