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[Platinum Watchlist] (2.15.23) update on 3 stocks!

[Platinum Watchlist] (2.15.23) update on 3 stocks!
August 21, 2023

Good morning.  

Pre-market trading is in the red this morning, so be patient and wait for the set-ups that meet your trading plan requirements.  

PEP closed down below the cost basis yesterday but continue to meet the requirements of my trading guidelines. The RSI has shown a little weakness but remains above the 50 level. Traders with a adverse risk tolerance would have set stops above the cost basis and exited the position with a small profit yesterday. Traders with a higher risk tolerance will remain in the trade as long as a majority of the trading indicators remain intact. The next resistance level is the 50-day SMA with support at the 20-day EMA.  

ABBV finished lower yesterday but remained above the cost basis. All indicators are green but there is some weakness in the RSI which remains above the 50 level. Support remains at the 20-day EMA with some resistance at around 153.52 and then the 50-day SMA. Like PEP, risk adverse traders would have most likely exited the trade above the cost basis while others would wait for signals from the indicators.  

GD failed to provide a one candle close above the 200-day SMA on Monday and closed below that level yesterday. The RSI is also below the 50 level. Having a one candle close above the 200-day SMA would provide some confirmation that a trend reversal was in progress. This was not the case, and the guidelines provided the justification to stay out of the trade so far.  

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

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