5 Trade Ideas for Tuesday: Arch Capital, Arconic, Ashland, BioMarin and Gardner Denver

 

Arch Capital Group, Ticker: $ACGL

Arch Capital Group, $ACGL, started higher in December, and kept running to a top in March. It paused there and then started up again at the end of April. After a pullback to retest the break out it is now back at the high. The RSI is bullish and the MACD is flat but positive. Look for a push to a new high to participate…..

Arconic, Ticker: $ARNC

Arconic, $ARNC, started higher for good in February. It continued to a recent top earlier this month before a shallow pullback. Now it is back at resistance with a RSI strong in the bullish zone and the MACD flat. Look for a push over resistance to participate…..

Ashland Global, Ticker: $ASH

Ashland Global, $ASH, started higher in December and plateaued into mid-February. It moved sideways there for 3 months before starting lower at the beginning of May. It found support last week and Friday started back higher. The RSI is also moving back higher with the MACD turning toward a cross up. Look for continuation to participate…..

BioMarin Pharmaceuticals, Ticker: $BMRNWealth Strength IndexBMRN is Moderately Flat and trending Up

BioMarin Pharmaceuticals, $BMRNWealth Strength IndexBMRN is Moderately Flat and trending Up, rose from a December low to retest the November consolidation area. It failed to push through and started moving back lower in February. Since then it has made a series of lower highs. Last week it made a higher low and is back approaching trend resistance. The RSI is rising and almost in the bullish zone with the MACD rising and positive. Look for a push over resistance to participate…..

Gardner Denver, Ticker: $GDI

Gardner Denver, $GDI, started higher in December and leveled as it moved over the 200 day SMA in February. It continued sideways until a gap up at the end of April. It has been consolidating that move since. The RSI is bullish and the MACD is starting to pullback. Look for a break of consolidation to participate…..

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 unofficial start of summer sees equity markets got kicked in the teeth again but continue to hang on.

Elsewhere look for Gold to consolidate in the downtrend while Crude Oil pulls back. The US Dollar Index is changing to a short term downtrend while US Treasuries continue to march higher. The Shanghai Composite and Emerging Markets look to continue to move lower.

Volatility looks to remain stable at moderate levels keeping the pressure off of for the equity index ETF’s SPY, IWM and QQQ. This allow has allowed sentiment driven by headlines to play a bigger roll. In response the QQQ is looking the weakest with the SPY and IWM finding support at prior levels. 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.