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[Platinum Watchlist] (3.14.23) 3 Stocks for Swings

[Platinum Watchlist] (3.14.23) 3 Stocks for Swings
August 21, 2023

Good morning.  

We are waiting for February’s CPI data this morning and the market is pinning its hopes that the FED will pause its rate hiking effort due to turbulence in the banking sector. 

Yesterday’s price action had a roller coaster-like feel to it as there was a bit of indecision as to whether the market wanted to be bullish or bearish. In extended trading, bank shares rebounded somewhat after suffering heavy losses during Monday’s regular session in the wake of the collapse of Silicon Valley Bank and Signature Bank.  

GLD closed up yesterday by 2.29%. The next resistance level will be around 179.66. There is a large gap that will most likely be filled around the 50-day SMA at 173.97 with any price action weakness. The oscillators are all currently in the green. As a commodity, GLD is very volatile so set your limits according to your particular risk tolerance level.  

SLV followed GLD in gapping up to close above its 9-day SMA. 20.24 will provide some resistance with the 20 providing support. Again, be aware of the large gap which will most likely be filled in the event of price action decline.  

Looking at the Horizon List, LLY closed above both the 9 and 20 day moving average yesterday. The MACD and the SS have positively crossed their signal lines. The RSI is still below the 50 level and price action is below the 200-day SMA which was resistance yesterday and will remain such today. I don’t usually trade below the 200-day SMA, however on occasion, I will violate this guideline as long as the trend is up as demonstrated by the short term SMAs. I’d keep a tight stop to control the level of losses on the downside.  

Markets are still uncertain and trending down, so be patient if you decide to enter a position and have an exit plan.   Have a great day!  This information is for educational purposes and is not a recommendation to buy or sell a security. 

  1. [7:29 AM]
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