5 Trade Ideas For Monday: AET, GXP, HIP, LPX, NFX
Dragonfly Capital | Apr 03, 2017 01:16AM ET
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Aetna (NYSE:AET)
Aetna, started higher from its 200 day SMA in February. It rose until it reached the prior high from December and then started a pull back. That met the 50 and 100 day SMA’s last week and found support. Friday saw a turn to the upside suggesting a possible reversal. The RSI is turning back up in the bullish zone while the MACD is starting to level as it falls. Look for continuation higher to participate in more upside…..
Great Plains Energy Inc (NYSE:GXP)
Great Plains Energy, rounded out of a pullback in February and started higher. It stalled as the calendar turned to March and has consolidated since. Friday saw it move back to the top of consolidation. The RSI is moving back higher in the bullish zone while the MACD is trying to turn back and cross up. Look for a push through consolidation to participate to the upside…..
Hartford Financial Services Group (NYSE:HIG)
Hartford Financial, has been in a mainly sideways motion since December. Reaching a peak in Mid-March, it fell hard and fast, finding support around 46.50. Last week it rounded up out of that support, suggesting a reversal. The RSI is about to push through the mid line while the MACD is heading for a cross up. Look for continuation to participate to the upside…..
Louisiana-Pacific Corporation (NYSE:LPX)
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Louisiana-Pacific, broke up out of a flat consolidation in February. After a quick move higher it fell back into consolidation and has been there for the last 6 weeks. Friday saw a move to the top of the range with the Bollinger Bands® opening to allow a move higher. The RSI is rising in the bullish zone with the MACD trying to cross up. Look for a break over resistance to participate higher…..
Newfield Exploration Company (NYSE:NFX)
Newfield Exploration,, started pulling back in December and after two steps down, found support in March. It confirmed a double bottom reversal last week and is now at the top of that consolidation range. The RSI is back over the mid-point and rising while the MACD is crossed up and rising, approaching positive levels. Look for a push over the resistance level 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 with the first Quarter in the books, saw equity markets trying to brush off the recent pullback and start higher.
Elsewhere look for Gold to consolidate in the short run while Crude Oil continues higher. The US Dollar Index looks better to the upside for the coming week while US Treasuries remain in their consolidation range. The Shanghai Composite looks to continue to drift higher, trying to separate with long term levels and Emerging Markets continue to move higher.
Volatility looks to remain at abnormally low levels keeping the wind at the backs of the equity index ETF’s SPY (NYSE:SPY), iShares Russell 2000 (NYSE:IWM) and PowerShares QQQ Trust Series 1 (NASDAQ:QQQ). Their charts look constructive on the short term, and bullish for the QQQ, while longer term in consolidation. Perhaps the short term will spill over into the longer term. Use this information as you prepare for the coming week and trad’em well.
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