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[Platinum Watchlist] 1.23.23 stocks on watchlist for Swings

[Platinum Watchlist] 1.23.23 stocks on watchlist for Swings
August 21, 2023

Good morning!  

We still have CENX in our paper trade portfolio as it is still trading above all our SMAs and the indicators remain positive. Upper resistance is at 11.96. We are trading below our cost basis at 10.70 so stop limits will be placed below the 200 to limit our potential loss.  

OXY had a close above its 50-day SMA on Friday with all the indicators showing positive. As stated before, these stocks are closely correlated with the price of crude and can show quite a bit of price action volatility, so utilize stops to protect your gains and/or limit your potential losses.  

ZTS closed above the 200-day SMA on Friday after finding resistance at this level for several days prior to this break-out. Watch this level for confirmation it will now be the new support level.   

There will be a lot of big-name earnings reports this week along with many economic reports that will be likely to move price action. 

The S&P 500 – SPX is also finding resistance at a long term bearish trendline. The first 1/2 hour of trading is mostly the wild west as orders entered over the weekend are processed through the system. I like to let the market settle in to see where the price action will lead us

Be patient, let the market work for you and utilize stops to defend gains and reduce potential losses.  This information is for educational purposes only and is not a recommendation to buy or sell a security. We utilize this watchlist for paper trades only.

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