5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Agrium Inc (NYSE:AGU)
Agrium, $AGU, printed a Tweezers Top in January and then ran lower. It slowed in March and then continued until reaching a bottom in May. The price consolidated then until the beginning of July when it broke back above its 200 day SMA. That move stalled last week and has been in consolidation. Friday saw a push higher in consolidation with the RSI high in the bullish zone and the MACD looking to avoid a cross down. Look for a push over consolidation to participate higher…..
Anadarko Petroleum (NYSE:APC)
Anadarko Petroleum, $APC, pulled back from a top in December. It finally found a bottom in July at 44 and consolidated after a 61.8% decline. Last week it started by moving over the 20 day SMA and then the 50 day SMA before getting knocked back. The RSI is rising in the bullish zone while the MACD is rising and about to turn positive. Look for continuation to participate higher…..
Crown Castle International (NYSE:CCI)
Crown Castle, $CCI, moved higher off of a low in December finding resistance 30% higher in June. It has been pulling back since then, spiking down to a low July 19th, before reversing higher. Now it is back testing a falling trend resistance at the 20 day SMA. The RSI is rising toward the bullish zone while the MACD is crossed up and rising. Look for a push over the trend to participate higher…..
Capital One Financial Corporation (NYSE:COF)
Capital One, $COF, started moving higher in July. It paused in November and then rocketed higher to a peak mid-December. It settled there before a push to a top in the beginning of March and started to pullback. The pullback broke below the 200 day SMA in June and the bounces. Since then it has pushed higher making a higher high after earnings. It pulled back from that top to support at the 200 day SMA to end last week with a Hammer candle. The RSI is in the bullish zone and steadying as the MACD is rolling lower. Look for a positive close Monday, confirming a reversal to participate higher…..
Deere & Company (NYSE:DE)
Deere, $DE, has had a strong trend higher interrupted by a consolidation from February to May. It continued higher and the gapped up with a run to a peak at 129 in June. Since then it has consolidated. Friday it pushed back to resistance in consolidation with a RSI that is rising and bullish and a MACD that is crossed up and climbing. Look for a push over resistance to participate higher…..
Up Next: Bonus Idea
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 as the last full week of July ended and the markets looked to face the dog days of August saw equity markets knocked back by an unexpected jab punch, shocked but not really damaged.
Elsewhere look for Gold to continue in its uptrend while Crude Oil also moves higher. The US Dollar Index continues to look weak and headed lower while US Treasuries consolidate with a short term bias higher. The Shanghai Composite looks to continue to drift higher while Emerging Markets continue their uptrend.
Volatility looks to remain at very low levels keeping the bias higher for the equity index ETF’s SPDR S&P 500 (NYSE:SPY), iShares Russell 2000 (NYSE:IWM) and PowerShares QQQ Trust Series 1 (NASDAQ:QQQ). Their charts suggest a pause or small pullback may be in order before they continue higher, with the SPY the strongest and the IWM and QQQ a bit weaker short term. Use this information as you prepare for the coming week and trad’em well.
DISCLAIMER: 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.