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[Platinum Watchlist] (2.14.23) 3 stocks!

[Platinum Watchlist] (2.14.23) 3 stocks!
August 21, 2023

Good morning.   

The CPI data has been released and the market will continue to digest the information prior to the open.  

One of my guidelines is to wait for one full candle close above the 9-day SMA prior to opening a paper trade position. 

The significance of waiting for one full candle close above the 9-day SMA prior to entering a stock position when using technical analysis is because it provides confirmation of a potential trend reversal. 

This means that the price action has closed higher than the 9-day SMA after a previous downtrend, indicating a potential shift in market sentiment and a potential uptrend. 

It provides evidence that the trend has indeed reversed and provides a higher degree of confidence in entering a long position.   

Both PEP and ABBV had a full candle close above the 9-day SMA last Friday after having recent price action pullback. Those with higher risk tolerance would have entered this trade.  

PEP continued its upward trend on Monday closing up 1.57% and above the 50-day SMA.  All the oscillators are in the green with a resistance line at about 180.54 and support at the 200-day SMA.  Based on your risk tolerance, protect your gain or reduce your losses with stops.  

ABBV also continued upward momentum yesterday closing up 1.10%. Price action will find resistance at the 50-day SMA and support at the 20-day EMA. All oscillators are in the green. Utilize stops as a part of your risk management strategy.  

GD was the only stock on the list that did not have a full candle close above the 9-day SMA. We were waiting for that to occur yesterday which may have provided us with conformation of a potential trend reversal. GD closed at 232.98, just below the 200-day SMA of 232.96, so there is no confirmation and no open position.  

This information is being provided for educational purposes only and is not a recommendation to buy or sell a security.  

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