May Chart Analysis

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Below are the top stocks for the next week. The are listed in no particular order and if you want to be able to access the charts interactively make sure to visit Tradingview!

Heico Corp (HEI)

Heico is currently trading in an upwards channel from its lows after the rapid liquidation in the market. Price has had a resistance that it has been riding up towards the median range of the total drop in price. Within the wave we are making consecutive highs and lows in an upward trending manner. There is still potential for the price to break down out of the channel to make new lows. Fundamentally there is strong implication for increase in work to be done in repairs and restructuring of products. At the current daily time frame there is a short term bias towards the upside until there is a complete rejection of the resistance.

Honeywell (HON)

Honeywell was trading within a range in 2019 with a sideways channel. After breaking up slightly and then experiencing the massive sell up we are now below the previous support levels. As The MACD indicator starts to turn neutral there is room for the stock price to move up to then test on the previous support marking it the next resistance level potential should price hold below. In the event price continues then we can hold profits till the following top of the channel which was the previous resistance.

Allegiant Travel Company (ALGT)

Currently setting near the lowest prices of the last few weeks, Allegiant recently had a strong spike upwards after hitting major lows. The triangle formation at the bottle shows the lows being consecutive with the highs lowering towards the vortex created by the trend-lines. Looking to potentially see a strong breakout from the zone would provide us with a signal to enter in a position. The MACD has shown that although the price at lows there is more buying going on than selling.

XPO Logistics (XPO)

XPO logistics has been playing a vital role in connecting products with their end consumer. Their network has shown to not have significant decline in outlooks for the future. Production levels although have dramatically hauled are seeing a slow and strong recovery. Freight will always need to be moved and XPO has the manpower and resources to be able to support the current demands and continue to grow.

Uber Technologies (UBER)

A bit of a fan favorite and currently had a strong rally. The V shape that many analyst had anticipated has played out surely and now the question lies as to how high the v walls will be. Currently we had a strong rally and the support trend line is much lower than where we are currently trading at. We are near the high and with weak earnings its hard to see how price can continue to sustain strong prices. Anticipating some more sideways momentum to find some structure in price based on the volatility could help define structure and direction.

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All charts are updated weekly on this page on Monday Mornings.

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These are all trade ideas shared for education purposed from AMG Trading to best help you plan for the next week ahead. All the charts shared on TradingView are the opinions and ideas of the author. AMG is not licensed to be able to provide financial advise in the U.S.

As a disclaimer all trade ideas are for education purposes and not meant to be used as financial advise. All investing involve risks, including loss of principal. Past performances do not guarantee future results or success. Stock and Forex markets are volatile and can decline significantly in response to adverse regulatory, market, economic development. Asset allocation and diversification do not eliminate risk. All Content is used for illustrative purposes and for educational use only.

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