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[Platinum Watchlist] (2.16.23) 3 stocks to watch!

[Platinum Watchlist] (2.16.23) 3 stocks to watch!
August 21, 2023

Good morning. 

I’m getting an early start today due to the snowstorm we are experiencing here in flyover country.  We have a busy reporting day with the PPI, unemployment and new home construction numbers due out for the market to dissect.  

PEP closed up 0.14% yesterday but just below the cost basis of 176.26. The 9-day SMA and the 20-day EMA (providing support) have both crossed over the 200-day SMA which is bullish. Resistance continues to be at about the cost basis followed by the downward sloping 50-day SMA. All of our oscillators continue to show green, and the position will remain in the portfolio as long as guideline requirements are being satisfied.  

ABBV closed down 1% to close just below the cost basis. The ascending 9-day SMA is about to cross the 200-day SMA (bullish) and the oscillators remain positive. Keep an eye on the RSI as it is rolling over slightly with a reading just above the 50 level. We gave a resistance level at 153.62 which provides us with a good area for a sell order and support at the 29-day SMA.  

GD continues to close just under the 200-day SMA. We are waiting for a full candle close above this level to provide us with more confidence that price action has changed in our favor. The SS has had a slight rollover which is a cautionary signal, and the RSI is still under the 50. GD has a nice potential set-up, but the indicators have kept this position out of the paper trade portfolio. Patience is a swing traders’ motto!  

We have downloaded an updated version of My Swing Trading Guidelines on the Trading Platform Channel which include more details and explanations along with an additional document “Seven Principles for Successful Swing Trading”. I hope this information will be helpful.  

Thanks for being a member of the Platinum Channel. Have a great Day!  This information is provided for educational purposes and is not a recommendation to buy or sell a security.

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