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[Platinum Watchlist] (3.17.23) 6 Stocks on the watchlist!

[Platinum Watchlist] (3.17.23) 6 Stocks on the watchlist!
August 21, 2023

Good morning.  

Stock futures are slightly down to flat as the risk of financial contagion to more significant banking institutions remain on the minds of traders. 

From our watchlist:  

GLD closed up 0.20% as price action found resistance at 179.66. There is a large gap to fill below the current price level and the Stochastic is showing a slight rollover, so be aware. If we can break through the current resistance level, the next level for resistance will be at 182.81.  

SLV closed down 0.40% with resistance at 20.24 followed by 20.45. Support will be at the 20-day EMA at 19.60. All of the oscillators are in the green.  LLY closed up 0.02% at 329.53. We will find resistance at the 200-day SMA at 332.92 where you may want to take some of the position off the table to preserve your gains. Support will be at 326.33.  

CPB closed down 0.52% at 54.06 but still trading above the 53.75 cost basis level. Set stops above this level to preserve your gain if risk adverse otherwise support should be found at the 9-day SMA. Resistance will be around 53.75.  

XLU closed up .76% to close at 67.62 above the cost basis of 66.95 finding resistance at the 50-day SMA. If price action can push past this the next level of resistance will be 68.26. All of the oscillators are in the green, and like GLS / SLV, utilities provide a place for safety during market uncertainty. XLU is still trading below its 200-day SMA, so keep tighter stops to preserve your gains.  

ABBV had a full candle close above the 9 yesterday with all the oscillators in the green. Typically, when this happens a buy limit can be set below that closing price which may get hit with price fluxuation prior to moving up later in the session.   Some traders may consider reducing their positions or closing out positions entirely to avoid any unexpected market movements that may occur over the weekend.  

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

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