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[Platinum Watchlist] (3.23.23) 6 Stocks on the watchlist

[Platinum Watchlist] (3.23.23) 6 Stocks on the watchlist
August 21, 2023

Good morning.  

Lots of excitement in the market yesterday triggering a few stop limits in the paper trade portfolio.  

TMO came off the Horizon list after closing one full candle above the 9. Price action screamed past the resistance level and the 50-day SMA. A stop loss was placed at the former resistance level, which was now support and was hit during the market sell-off after Powell’s speech for a .71% gain.  

LLY once again has found resistance at the 50-day SMA. A stop limit for 1/2 the position (50 shares) was set at this level which was triggered for a 3.38% gain. Splitting lots in order to maintain a position and take some gains is one strategy swing traders use to reduce risk. Support will be at the 9-day SMA which is above our cost basis with resistance continuing to be at the 50.  

SLV closed up 2.73% finding support for the 3rd day at the 50 where a stop limit could be placed just below to defend gains. The next level of resistance is around 21.31 where traders will most likely place sell orders.  

CPB fell .91% and found support at the 9-day SMA which is still above the cost basis. A stop limit placed just under this level will preserve gains if triggered. Resistance is at 54.80 followed by 55.57.   

ABBV closed down below the cost basis of 154.55 but found support at the 9-day SMA A stop limit will be set around the 20 day to limit our losses if price action continues to fall this morning. Resistance will be at 159.33 where a sell limit for a half or full position could be placed to harvest some gains in the event of a market uptick.   

Support and resistance levels provide us with potential entry and exit points for trades. Don’t fall in love with a stock. Defend your gains and reduce your potential losses!  Have a great day!  

This information is for educational purposes only and is not a recommendation to buy oy sell a stock

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