Futures are up this morning as the market is hopeful there will be a positive outcome with the debt ceiling discussions. Let’s look at the paper trade portfolio.
JCI has a slight rollover of the Stochastic and found support at the 9-day SMA on Friday. There will be some resistance around 62.98 and then 64.03.
CARR closed down on Friday and missed hitting the stop loss at 41.78. Support should be found at the 9-day SMA (that just crossed the 200-day SMA) and then 41.93 with resistance at the 50-day SMA. The RSI has fallen below the 50 level.
VCYT wicked down to the 200-day SMA where price action has found support. Upside resistance can be found at the 24.84 level.
We had a nice profit on SEDG last week and took advantage of a price action spike up. Price has somewhat stabilized and with all the oscillators in the green, this stock continues to meet the trading guideline criteria, Support will be at the 50-day SMA, and resistance will be at 309.
Range-bound patterns are defined by well-established support and resistance levels. Swing traders should consider using these levels as guides for identifying potential entry and exit points. Buying near the support level and selling near the resistance level can be effective swing trading strategies within a range-bound market. Understand and being mindful of the risks associated with trading during the first 30 minutes after the opening bell. This can assist you in making informed decisions and managing your risk exposure effectively.
We will watch the Horizons list for potential swing trade set-ups which will be added to the watchlist when appropriate. Both the Horizons and < 200 stock lists have been upgraded for this week.
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This information is for educational purposes and not a recommendation to buy or sell a stock.
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