[Platinum Watchlist] (5.12.23) 4 Stocks

Good morning.  

We continue to see the DJIA and S&P trade in a range-bound pattern while the heavily weighted Nasdaq price action is trending upwards beyond the upper levels of its range due mostly to a few mega cap stocks.   

CARR closed down 0.58% just above the cost basis of 42.78. Support will be found at the 20-day EMA with resistance at the 50-day SMA. The RSI trended slightly below the 50 level with the Stochastic and MACD remaining in the green.  

JCI closed down 0.39%. Charts are showing a slight negative crossover of the Stochastic. Support remains at the 9-day SMA with resistance right around 62.98.

 

VCYT tested the 200-day SMA and was able to close above this level for the second day in a row. All of the oscillators are in the green. Support remains the 200-day SMA with resistance around 24.71. 

SEDG is from the Horizons list and had a positive crossover of the MACD yesterday. The RSI could use some additional strength. There is a narrow trading range between the Support at 291.67 and resistance at 297.12 which is the 50-day SMA.  

Although the markets are up this morning, be mindful that the DJIA and S&P are trading sideways. Given the limited price movement within a range, adjust your profit targets accordingly. Consider taking profits near support or resistance levels to capture smaller gains within the range. It may be more realistic to aim for a series of smaller profits rather than holding out for a larger move. 

 I appreciate your membership in the Platinum Channel. Talk to you later in the ZOOM call.  Have a great day!  

This information is for educational purposes and not a recommendation to buy or sell a stock.