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[Platinum Watchlist] (4.4.23) 1 stock that caught our eyes!

[Platinum Watchlist] (4.4.23) 1 stock that caught our eyes!
August 21, 2023

Good morning  

We have ten stocks on the watchlist (which are analyzed above) and included in the Paper Trading Portfolio which can be difficult to manage especially with highly volatile markets. 

The use of stock losses and sell limits can help to ease the burden of managing so many positions.  The market can be volatile at the open as there may be a backlog of orders that have accumulated overnight, which can create a surge in trading volume and price fluctuations as those orders are executed. 

During this time, traders may want to wait to put in an order until the market settles down and the initial surge of trading activity has passed. This can help avoid being caught up in the volatility and potentially executing orders at unfavorable prices. 

Ultimately, whether or not to wait to put in an order after the market opens depends on the individual trader’s preferences and trading strategy. Some traders may prefer to wait and assess market conditions before placing orders, while others may prefer to enter the market quickly to take advantage of early price movements.  

CVX had a huge gap-up yesterday due to the news that OPEC would be cutting production and has been moved up from the Horizons list. Price action leaped beyond the 200 and 50-day SMAs. All the oscillators are green. Support should be found at the 50-day SMA at 165.36. Sell orders will most likely be found at 174.41 followed by 178.06.   

CVX was put on the stock watchlist because it meets the requirement of the trading guidelines. However, before paper trading this stock, be aware of the large gap that was formed due to the news out of OPEC. 

As fast as this stock has risen, it can fall and fill that gap. As this is an educational channel, we use paper trades so members can learn from these situations and apply these lessons to their own trading strategy based on your risk tolerance.  

This info is provided for education only and not a recommendation to buy or sell a stock. 

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