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[Platinum Watchlist] (3.24.23) 4 Stocks

[Platinum Watchlist] (3.24.23) 4 Stocks
August 21, 2023

Good Morning  

Stock market futures are down this morning as concerns from the banking sector continue to weigh on trader sentiment. Our Swing trading portfolio exited several positions yesterday as there were early signs of price action trend reversals mostly from the rollover of the Stochastic.  

LLY failed to trade above its 50-day SMA for the week and closed below its 200-day SMA once again. A wick above the 50-day SMA, which has been resistance triggered a sell limit order at this level that closed out the remaining 1/2 position in the portfolio. There was also a negative crossover in the Stochastic which can be a predecessor for a MACD reversal. The portfolio saw a 3.19% or $516.50 paper trade gain after 9 days of being in the position.  

CPB also had a negative crossover of the RSI along with a flattening MACD when price action hit the sell limit as the support/resistance level at 53.59. This provided the portfolio with a .68% gain of $36.00 over 7 days in the trade. This position has been trading sideways for the past 7 days and it was time to take profits before the weekend.  

SLV was trading very close to its resistance level of 21.31 when it hit the sell limit at 21.27 giving us a 6.35% or $127.00 gain in 9 days. The RSI was not quite in a negative crossover but is moving in that direction. With this paper trade, I decided to take profits prior to price action hitting resistance as silver can be quite volatile and the risk / reward ratio wasn’t worth remaining in the trade.   

ABBV is the remaining position in the portfolio as price action continues to trade around the resistance / support level of 154.38 and above the 9-day SMA. I’m watching the negative cross of the Stochastic which coincides with the other stocks listed above. A stop limit will be set above cost basis to preserve the small gains if today’s price action turns negative.  

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

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