5 Trade Ideas for Monday: Glu Mobile, Intercontinental Exchange, Sealed Air, Atlassian and Winnebago

Glu Mobile, $GLUU, started higher out of consolidation in April. It pulled back from atop in June to the 100 day SMA and bounced. Then it made a higher high in August before a second pullback, this one through the 100 day SMA but to a higher low. Another move higher and it is bouncing off of resistance in consolidation. The RSI is rising into the bullish zone with the MACD positive and crossing up. Look for a push through to participate higher…..

Intercontinental Exchange, Ticker: $ICE

Intercontinental Exchange, $ICE, moved higher along trend support from February until it broke it to the downside this month. That break found support and reversed last week, and is now back at the trend line. The RSI is bouncing but in the bearish zone with the MACD turning up. Look for continuation to participate higher…..

Sealed Air, Ticker: $SEE

Sealed Air, $SEE, moved lower out of consolidation in August. It bounced and tested the 100 day SMA in September and then dropped to a a new low at the end of October. The bounce from there made a lower high and it pulled back into December. This time it found a higher low and it has been consolidating since. The RSI is knocking on the mid lien with the MACD about to cross up. Look for a break of resistance to participate…..

Atlassian, Ticker: $TEAM

Atlassian, $TEAM, peaked at the end of September and pulled back to the 200 day SMA. it bounced and then broke the 200 day SMA before a move higher at the end of November. The pull back from there found support at a higher low and it reversed. Sitting at the November high, the RSI is rising into the bullish zone with the MACD crossed up. Look for a move over resistance to participate…..

Winnebago, Ticker: $WGO

Winnebago, $WGO, started lower from a June spike and continued into the middle of December. It bounced from there, stalling at the 20 day SMA and consolidated. It ended last wee drifting up to that resistance again. The RSI is pushing above the mid line with the MACD rising. Look for a push over resistance to participate higher…..

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 one trading day left in the year sees equity markets putting in a strong case for a reversal this week. They are still a long way from confirming a bottom though and not just a bear flag build.

Elsewhere look for Gold to continue in its uptrend while Crude Oil may possibly pause in the downtrend. The US Dollar Index continues to consolidate sideways while US Treasuries pause in their uptrend. The Shanghai Composite and Emerging Markets continue to show an easier path to the downside.

Volatility looks to remain elevated keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ. Their charts showed a strong bounce during the week but not enough to do anything to alter the current downtrends. Very short term uptrends are beginning, but it is too soon to declare a bottom. Use this information as you prepare for the coming week and trad’em well.

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.