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5 Trade Ideas for Tuesday: Discover Financial, Graco, Kansas City Southern, Packaging Corporation of America & PerkinElmer

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

Discover Financial, Ticker: $DFS

Discover Financial, $DFS, rose from a bottom in September. It crossed the 200 day SMA in October and consolidated there until it bounced off of the 50 day SMA and started higher again following a Golden Cross. That move topped in January and pulled back slightly before retesting the top and reversing, a Double Top. The pullback filled a gap and reversed last week. The RSI is rising and bullish with the MACD crossing up. Look for continuation to participate higher…..

Graco, Ticker: $GGG

Graco, $GGG, moved steadily higher after leaving consolidation at the end of July. It paused for consolidation in November and then started back higher in December, reaching a top in January. It pulled back from there with the market, touching the 200 day SMA and then reversing. Now it is back at the 100 day SMA with the RSI rising to the mid line and the MACD turning up towards a bullish cross. Look for continuation to participate higher…..

Kansas City Southern, Ticker: $KSU

Kansas City Southern, $KSU, started higher in March, and then plateauing for 5 month s beginning in June. It tried to move to a higher range then and topped at the end of November. A pullback to a higher low and then it reversed to form a Double Top and dropped with the market. After hitting the 200 day SMA it found support and rode it until turning back higher last week. Now it is breaking short term resistance with a RSI moving up over the mid line and the MACD about to cross up. Look for continuation to participate higher…..

Packaging Corporation of America, Ticker: $PKG

Packaging Corporation of America, $PKG, started higher in April and ran until consolidation began in July. It moved out of that to a higher high in September before pulling back to a higher low in November. It made another higher high in January then before pulling back to the 200 day SMA, but another higher low. Now it is rising again with the RSI rising and the MACD about to cross up. Look for continuation to participate higher…..

PerkinElmer, Ticker: $PKI

PerkinElmer, $PKI, started to move higher in August, slowing as it moved toward year end, and then accelerating into a peak in late January. It pulled back from there to the 100 day SMA, the third time it has acted as support, and reversed last week. The RSI is trending higher at the mid line with the MACD about to cross up. Look for a push over short term resistance to participate higher…..

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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 February Options Expiration behind, sees the equity markets recovered substantially from their first correction in 2 years.

Elsewhere look for Gold to continue higher in its new uptrend while Crude Oil also resumes the path higher. The US Dollar Index looks better to the downside and US Treasuries are biased lower. Both are entering major trend change territory. The Shanghai Composite and Emerging Markets have reversed their moves lower with the Chinese market still a bit weak.

Volatility continues to drift lower easing the pressure on the equity markets. The equity index ETF’s SPY, IWM and QQQ, all had strong moves higher on the week, retracing at least 61.8% of the moves lower. All three ended the weak with possible reversal candles on the shorter timeframe though, but with strong charts on the longer timeframe. Perhaps some short term weakness remains. Use this information as you prepare for the coming week and trad’em well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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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