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[Platinum Watchlist] (3.20.23) 4 Stock on our watchlist!

[Platinum Watchlist] (3.20.23) 4 Stock on our watchlist!
August 21, 2023

Good morning.  

We have seen more turmoil in the banking sector this weekend and the Fed press conference on Wednesday concerning future interest rate action are sure to keep the markets in a high state of volatility. 

Even though we have seen some promising action in the Nasdaq over the past week, market risk remains high. Instead of trying to initiate new positions, we will focus on managing our current watchlist stocks.  

GLD closed up 2.91% on Friday to close at 183.77 above the resistance level of 179.66. GLD was priced at 173.87 at the time it was put on the watchlist. There are several gaps to the downside that could be filled at some time where you may find support at 176.69 followed by 175.26. On the upside, resistance will be at the 185.41 level followed by 188.69.  

SLV closed up 3.56% above the resistance level that is the 50-day SMA to close at 20.63. All of the oscillators remain in the green. Price action is above all our critical SMAs. At the time SLV was placed on the watchlist, the price was $20. The next level of resistance will be at 20.98 followed by 22.09. Continue to manage your gains by placing stops above your cost basis at the level you fell meets your risk tolerance level.   

LLY closed down 0.11% at 329.18 on Friday after wicking up above the 200-day SMA. The oscillators are still positive and price action is still above the 324.29 level when LLY was placed on the watchlist. Level of resistance will be the 200-day SMA at 333 followed by the 50-day SMA at 338.51. Support will be at 326.33 followed by the 20-day EMA at 324.97. Protect your gains with stop limits.  

XLU closed down 0.96% to close at 66.97 just above the 66.95 level which is where XLU was placed on the watchlist. Price support will be found at the 20-day EMA at 66.52 and resistance will be at the 50-day SMA of 68.02 followed by 68.85. All the oscillators are positive.  

This information is being provided for educational purposes only for paper trading.

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