Yesterday’s broad market sell-off has not provided us with many new set-ups this morning so we will focus on managing the three positions in the Paper Trade Portfolio.
DVA closed at 87.30 yesterday above our cost basis of 86.02. Price resistance will be found at 88.77 with support at the 9-day SMA which is below cost basis. If you want to defend gains, stop limit should be placed above cost basis. If you are more risk adverse, you can use the 9-day as your support level with a chance of loss. The portfolio still maintains a 1/2 position with a $1.28 / share gain as of close.
EW closed down 1.15%, but above the cost basis of 86.54. Resistance can be found around 90.71 with support found around the cost basis. The next level of support will be the 9-day SMA which is currently below cost basis. If you want to defend gains, stop limits should be placed above cost basis. The portfolio maintains a full position with a current gain of $1.23 / share.
TT price action came within $0.04 of triggering a stop sell limit placed around the 50-day SMA yesterday. Price action wicked up and then retreated to the green line resistance level around 178.84. Price is still above cost basis at 177.73 as of close. Price support should be at the 20-EMA.
All the oscillators remain in the green. Sell limits will be set once again a bit under the 50-level.
Have a great day!
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