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[Platinum Watchlist] (5.10.23) 3 Stocks to watch
[Platinum Watchlist] (5.10.23) 3 Stocks to watch
August 22, 2023
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in April on a seasonally adjusted basis, after increasing 0.1 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the “all items” index increased 4.9 percent before seasonal adjustment.
Market futures went from negative to positive as traders deciphered the report. Tomorrow, we get the PPI report.
Even with this information, we are still seeing range bound market trading.
PH was a Horizons stock that now has price action above all the SMAs with the oscillators in the green. Closing price was 339.11. Support is at the 50-day SMA at 329.12 (10/ share downside) and resistance at 349.97 ($10+ / share upside).
We discussed JCI yesterday morning. With a closing price of 62.98, it has a smaller upside potential to resistance at 64.22 with downside support at 60.48.
CARR is currently on the Horizons list. The only indicator outside of the guideline in the RSI which is at 49.13 and trending up. Closing price was 42.78 with support at the 200 (42.10) and resistance at the 50 (44.13).
At the present, market conditions remain range bound. Range-bound markets offer opportunities for range trading strategies. These strategies involve buying near support levels and selling near resistance levels, taking advantage of the price oscillations within the range. By employing specific range trading techniques such as mean reversion or breakout strategies, you can tailor your trading plan to accommodate the market conditions.
Remember, trading at the opening bell is quite volatile and the market price action is subject to some wild swings.
Have a great day!
This information is for educational purposes only and is not a recommendation to buy or sell a security.
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