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[Platinum Watchlist] (7.12.23) 3 Stocks
[Platinum Watchlist] (7.12.23) 3 Stocks
August 22, 2023
Good morning.
Futures markets are up this morning prior to the release of the CPI data later this morning. Depending on the data, market price action can be volatile in either direction.
Two positions inhabit the Paper Trade Watchlist this morning.
AIG closed up yesterday following the upper Bolinger Band. All the oscillators are in the green and price action is above all critical SMAs. Support will be at the 9-day SMA with resistance found around 59.74.
MHK closed up above the upper Bolinger Band after almost hitting the 110.99 resistance level where we will find some sell orders. Support is found at the 9-day SMA. All the oscillators are in the green and the 20-daay EMA just had a golden cross over the 200.
A new potential addition is NSC.
NSC is showing rising price action along the upper Bollinger Band and the 9-day SMA just had a golden cross over the 200-day SMA. The 9 will provide a level of support with some selling pressure seen at 235.70. A trader could improve the cost basis with a buy limit closer to support in the event that volatility to the downside would trigger that order.
The CPI comes out in 30 minutes and will most likely affect market price action one way or the other. Defend your gains and manage risk to the downside with stop limits. Have a great day. This information is for educational purposes and not a recommendation to buy or sell a stock.
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