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[Platinum Watchlist] (2.9.23) 4 Stocks for Swings

[Platinum Watchlist] (2.9.23) 4 Stocks for Swings
August 21, 2023

Good morning.  

ADBE closed down yesterday once again above the 9-day SMA support level. Price action is still above the cost basis. The next support level will be the 20-day SMA positioned just above the cost basis. Stops could be placed between cost basis of 363.19 and the 9-day SMA of 377.48 to defend gains. On the upside we are finding resistance around 383.92, where we last placed a sell order. If price action can break that level, the next level of resistance will be 388.88.  

SFM closed right above the 9-day SMA after wicking down to the 20. On the top side we are still finding resistance at the 50 and the range between the 9 and the 50 is tightening so something has to give. Cost basis is at 31.75 so tight stops could be placed above this level to defend a small gain or for the more risk adverse traders, we could wait for a full candle close below the 9 to exit this position which could lead to a potential loss or an upward retracement. With an RSI of 51 and a negative crossover of the SS, this stock may be running out of steam.  

PSN closed up 0.54% with all oscillators in the green on low volume. Price action is above ascending 9-day and 20 day moving averages (which are above the cost basis) and will find resistance at the downward sloping 50-day SMA. My chart program provided me with a stop sell at 46.01. Gains can be preserved by placing stops above your cost basis. The price of this stop will be determined by your risk tolerance and by the amount of profit you wish to lock in. Another strategy is to set stops for 1/2 of your position at the 20 or 9 in the event support is maintained at these levels.  

BMY failed to close above the 50-day SMA once again and closed well below the 200-day SMA so no paper trade position was initiated, and we will continue to look for other potential set-ups.  Have a Great Day!  This information is being provided for educational purposes and is not a recommendation to buy or sell a security.

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