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[Platinum Watchlist] (4.19.23) 2 Stocks on the move!
[Platinum Watchlist] (4.19.23) 2 Stocks on the move!
August 21, 2023
Good morning
Stock market futures are down this morning as traders are digesting more earnings reports.
There will be quite a few regional banks reporting today which will give us some insight to the current health of this sector.
Price action removed several positions from the Swing Trade portfolio yesterday. The analysis can be found in the above post.
Today, we have a Horizon stock moving on to the watchlist: DE Is trading above every critical SMA but the 50-day SMA. Yesterday price action found support at the 20-day SMA with upper-level resistance at 405.87. All of the oscillators are now in the green.
I believe the price will be pulling back at open today with the market currently showing red, so a better entry level may be available using a limit order below yesterday’s closing price.
Stops would be placed around the 200 in the event the trade went against you.
One of the members also found GPC as a potential swing trade candidate.
GPC is trading sideways between support at 164.97 and the 50-day SMA which is providing some resistance. If price action can get beyond the 50-day, the next level of resistance will be around 169.43. Price is above the 200-day SMA. I’d like to see a bit more upside trending of the 9-day SMA.
The stochastic is showing a slight negative crossover. The chart shows plenty of upside as long as price action stays above the 9-day and can break through upside resistance.
This information is provided for educational purposes only and is not a recommendation to buy or sell a security.
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