5 Trade Ideas For Monday: A, BLK, FAST, KEY, VMC
Dragonfly Capital | Nov 06, 2016 11:17PM ET
Agilent Technologies (NYSE:A)
Agilent Technologies, A, moved higher off of a bottom in February and marched up through June. It stumbled with the Brexit vote and then quickly recovered, moving to a new high in August. Since then it has pulled back and bounced, then then pulled back again.
Friday saw a push over a support zone, suggesting a possible reversal. The RSI is moving higher out of oversold territory while the MACD is about to cross up. Look for continuation higher to participate in the upside…..
BlackRock Inc (NYSE:BLK)
BlackRock, BLK, ran higher off of a January low. It plateaued from April through to June before a pull back to a higher low. The bounce from there led to a higher high and then a second pullback.
This one may have found support at a higher low again last week, as it pushed higher Friday. The RSI is turned back up and is rising while the MACD is crossing up. Look for continuation to participate to the upside…..
Fastenal Company (NASDAQ:FAST)
Fastenal, FAST, has been trending lower since March. In October it fell hard, finding support around 38 quickly, and then slowly trending higher against rising trend support. Friday saw a push hard to the upside, suggesting it may be ready for the next leg higher.
The RSI is moving up through the mid line with the MACD crossed up and rising. Look for continuation to participate to the upside…..
KeyCorp (NYSE:KEY)
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KeyCorp, KEY, had been floundering in a wide range sideways action along with many financial names, until it pushed higher in late October. For the past week it has consolidated that move in a bull flag.
As it consolidates the RSI is pulling back from an overbought condition while the MACD is turning down. Look for a break of the flag to the upside to participate higher…..
Vulcan Materials Company (NYSE:VMC)
Vulcan Materials, VMC, had a strong run higher off of a low in January as well. It peaked in July and pulled back to its 200 day SMA. Since then it has struggled to make a new high, finding resistance a couple of times at the 50 day SMA.
Friday saw another push to that resistance. The RSI is rising and in the bullish zone while the MACD is rising and positive. Look for a break 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 heading into the first full week of November and with the US elections Tuesday, sees the equity markets are weak and hemorrhaging.
Elsewhere look for Gold to continue higher in the short term while Crude Oil continues to move lower. The US Dollar Index looks to continue to the downside while US Treasuries are biased lower but consolidating. The Shanghai Composite should continue to drift higher while Emerging Markets are biased to the downside.
Volatility looks to remain elevated keeping the bias lower 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 agree and look better to the downside on both the daily and weekly timeframes. 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.
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