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[Platinum Watchlist] (5.24.23) 4 Stocks to keep an eye on

[Platinum Watchlist] (5.24.23) 4 Stocks to keep an eye on
August 22, 2023

Good morning.  

Futures are in the red this morning as debt ceiling talks continue to trouble the market.  

BWA closed found some support at the 50-day SMA and resistance at 47.98. All of the oscillators continue in the green with signs of a rollover in the RSI. Stop limits could be set above the cost basis to preserve gains. As of yesterdays close, the BWA was up $0.58 / share over cost basis.  

STX closed just above the cost basis by $0.11 / share. The 9-day SMA is rising and will most likely cross the 50-day SMA some time, which provides support today. All of the oscillators are positive less the flattened out Stochastic. Resistance is at 63.13.  

FOLD finds support at the 200-day SMA. The MACD is just barely above the signal line. Resistance will be found around 12.18. Closing price is below the cost basis by $0.05 / share.  

ANET closed down yesterday at 147.47, just above the 147.40 level where a stop limit was set. This stop limit was set at the 1.5% loss limit that I use for stocks with higher purchase prices, Support is at the 9-day SMA with resistance at 151.31.  

Market conditions appear to be getting worse as the debt ceiling drama continues to play out. Risk management becomes the theme for the day as we want to prevent trades from running away from us on the downside. This is why we utilize stop limits to get us out of down trending positions with minimal losses. Risk management is the reason why the portfolio remains in the green for the month of May even with deteriorating market conditions.   

Traders who prioritize risk management increase their chances of navigating challenging market conditions and mitigating potential losses, thereby improving their overall trading performance.  Risk management aims to protect capital and minimize losses. 

 Have a great day!

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