Markets are flat this morning as we wait for the jobless claims report. From our watchlist:
GLD closed up 0.78% yesterday to close at 178.21. Take note of the slight rollover of the Stochastic and the resistance level at 179.66. Support remains at he the 50-day SMA which is 173.30.
SLV closed up 0.55% to close at 20 after wicking up to the 20.45 resistance level. All of the oscillators are in the green. Support will be found at the 20-day EMA which is 19.57.
LLY started out the week on the Horizon list and has seen a steady price action rise above the 9 and 20 day moving averages. This position is still trading below the 200-day SMA (guideline violation) which will act as resistance at 332.90 followed by 336.75. Support will be around 326.33. The oscillators are still in the green. Even in a down market, there are a few stocks that defy the trends.
XLU is another equity trading below its 200-day SMA (guideline violation) but giving us a full candle close above the 9 which is now support. the next level of resistance will be at the 50-day SMA at 68.16.
CPB had a one candle close above the 9-day SMA on Tuesday. I like to set a buy order just under the closing price the next day after a one day close which would have hit at 53.75. CPB closed at 54.34 which would put us up $59 on a 100-lot purchase. Support will be at 52.94 with resistance at 54.87. Support and resistance provide levels where we can set stop limits and sell limits respectively depending on your risk tolerance.
Swing trading in a volatile market can be risky, but it can also present opportunities for profit. However, it is important to have a solid understanding of market dynamics and risk management strategies to mitigate potential losses in such a market environment.
This information is for educational purposes only and is not a recommendation to buy or sell a security. Have a great day and be cautious!
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