5 Trade Ideas: ACAD, BEN, GPK, TEAM, WU

ACADIA Pharma, Ticker: $ACAD

ACADIA Pharma Daily Chart

ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) started higher in December and met resistance into April. It pulled back slightly and has consolidated there since. Friday saw it try to push over resistance with the RI rising to the bullish zone and the MACD positive and moving higher. Look for a pushover resistance to participate.

Franklin Resources, Ticker: $BEN

Franklin Resources Daily Chart

Franklin Resources (NYSE:BEN) finally broke out of a broad consolidation when it made a higher high in April. The pullback from there found support at the 200 day SMA and it reversed back higher. It is now approaching the April high with the RSI rising in the bullish zone and then MACD positive and moving higher. Look for a push over the April high to participate.

Graphic Packaging, Ticker: $GPK

Graphic Packaging Daily Chart

Graphic Packaging GPK cleared a double bottom in February and then shifted to a sideways consolidation. In April it broke that to the upside and gapped up to find resistance in May. After a pullback to the 200 day SMA it reversed and ran to a higher high into June. Another pullback, to a higher low, and it reversed again. It sits at the prior high with the RSI rising in the bullish zone and the MACD crossed up and rising. Look for a new high to participate.

Atlassian, Ticker: $TEAM

Atlassian Daily Chart

Atlassian Corp Plc (NASDAQ:TEAM) has been moving higher since October. There have been a couple of pauses and pullbacks along the way and it is consolidating in one now. The RSI is rising in the bullish zone with the MACD crossing up and positive. Look for a push up out of consolidation to participate.

Western Union, Ticker: $WU

Western Union Daily Chart

Western Union Company (NYSE:WU) started higher in December and paused as it moved into February. The price held over the 50 day SMA on a pullback and then started higher in March. It flattened out again in April and continued sideways until the beginning of June. It rose and found resistance again then pulled back to the 50 day SMA. A reversal sees it back at the prior high with the RSI rising in the bullish zone and the MACD crossed up and rising. Look for a pushover resistance to participate.

Elsewhere look for Gold to pause in its uptrend, holding around 1400, while Crude Oil pauses in the pullback. The US Dollar Index looks to reverse higher in consolidation while US Treasuries pullback in their uptrend. The Shanghai Composite looks to continue the messy uptrend while Emerging Markets stall in their move higher.

Volatility looks to remain very low keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their short term charts are all positive looking for more upside. But on the longer timeframe, the SPY and QQQ are decidedly more bullish, triggering patterns with very big potential moves, while the IWM remains stuck in a range. 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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