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[Platinum Watchlist] (4.3.23) 3 stocks to keep an eye on!
[Platinum Watchlist] (4.3.23) 3 stocks to keep an eye on!
August 21, 2023
Good morning.
Normally, I try not to have a large number of stocks on the watchlist because it can be difficult to manage, however there were some set-ups that could be of interest:
FMC just had an RSI cross above the 50 level, however more strength is needed. The MACD and Stochastic are in the green and price action is finding support at the 20-day EMA which is support followed by the 9-day SMA. Sell orders may be found around 124.99 which will provide initial resistance followed by 129.22.
XLE had a full candle close above the 200-day SMA on Friday forming resistance at that level. All the oscillators in the green. Resistance will be found at the 50-day SMA. Energy can be volatile so utilization of stop limits are essential.
VMC also has an RSI cross above the 50 level on Friday and like FMC, I’d like to see more strength before entering a paper trade position. All the oscillators are in the green. Support will be found at the 20-day EMA followed by the 200-day SMA. Selling pressure may be found around the 176.47 level that will provide a resistance level followed by 180.
Markets are moving fast so take gains with Sell limits on the upside and protect gains / reduce losses on the downside with stop limits. Utilize support and resistance to help you make paper trading decisions.
Have a great day! This information is for educational purposes and is not a recommendation to buy or sell a stock.
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