News / Uncategorized
[Platinum Watchlist] (3.23.23) 6 Stocks on the watchlist
[Platinum Watchlist] (3.23.23) 6 Stocks on the watchlist
August 21, 2023
Good morning.
Lots of excitement in the market yesterday triggering a few stop limits in the paper trade portfolio.
TMO came off the Horizon list after closing one full candle above the 9. Price action screamed past the resistance level and the 50-day SMA. A stop loss was placed at the former resistance level, which was now support and was hit during the market sell-off after Powell’s speech for a .71% gain.
LLY once again has found resistance at the 50-day SMA. A stop limit for 1/2 the position (50 shares) was set at this level which was triggered for a 3.38% gain. Splitting lots in order to maintain a position and take some gains is one strategy swing traders use to reduce risk. Support will be at the 9-day SMA which is above our cost basis with resistance continuing to be at the 50.
SLV closed up 2.73% finding support for the 3rd day at the 50 where a stop limit could be placed just below to defend gains. The next level of resistance is around 21.31 where traders will most likely place sell orders.
CPB fell .91% and found support at the 9-day SMA which is still above the cost basis. A stop limit placed just under this level will preserve gains if triggered. Resistance is at 54.80 followed by 55.57.
ABBV closed down below the cost basis of 154.55 but found support at the 9-day SMA A stop limit will be set around the 20 day to limit our losses if price action continues to fall this morning. Resistance will be at 159.33 where a sell limit for a half or full position could be placed to harvest some gains in the event of a market uptick.
Support and resistance levels provide us with potential entry and exit points for trades. Don’t fall in love with a stock. Defend your gains and reduce your potential losses! Have a great day!
This information is for educational purposes only and is not a recommendation to buy oy sell a stock
Share this article:
More in Uncategorized:
Hedge funds and banks typically use multiple time frames for intraday trading
Hedge funds and banks typically use multiple time frames for intraday trading, as this allows them to gain a comprehensive...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 30, 2024
Nvidia Earnings Call: A Record Quarter with a Twist
Nvidia’s Q2 earnings call was a mixed bag, with the company reporting a record quarter but also revealing a drop...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 29, 2024
Nvidia Earnings: A Critical Moment for Big Tech
As we approach Nvidia’s earnings report, the tech world holds its breath. This isn’t just about one company’s performance; it’s...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 28, 2024
The Sleeping Giant: Why Intel is an Undervalued Stock
As the world’s largest semiconductor company, Intel (INTC) has long been a household name in the tech industry. However, despite...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 23, 2024
The Trillion Dollar Addiction...
The Trillion Dollar Addiction That Amazon, Google, Meta and Microsoft Will Be Selling Next Year As I discussed in my...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 19, 2024
What is an AI Agent? What Can It Do For You? Where Can You Get One?
As I discussed with my tribe during our recent stock talk, I’m excited to share with you the concept of...
[Platinum Watchlist] (3.23.23) 6 Stocks on the watchlist
August 18, 2024