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[Platinum Watchlist] (5.3.23) 4 Stocks we are watching closely!

[Platinum Watchlist] (5.3.23) 4 Stocks we are watching closely!
August 22, 2023

Good morning.  

We had a sell-off in the markets yesterday which affected some positions in the Paper Trading Portfolio.  

VTR price action triggered a sell stop limit after a paper trade loss of 1.5%. This is the most I was willing to risk on the downside for this position considering market conditions and earnings coming up on May 8. We were also seeing a negative crossover of the MACD. With a 1.5% loss, it put the portfolio back only $36.  

HON has been finding strong resistance at the 200-day SMA which is where it bounced again yesterday. There should be support at the 9-day SMA with resistance at 198.66 and then 199.84, which is cost basis. All three oscillators remain in the green as of the close yesterday. Utilization of Stop limits below current price levels will keep any potential losses to a minimum.   

We mentioned to wait for a price pullback on SJM yesterday and for those who caught the price action wick down and entered a position below the previous days close, you were rewarded with a price gain. Expect support at the 20 with resistance at 160.33.  

INVH from the Horizons list traded above the 200-day SMA for the second after earnings and is also showing green in all the oscillators. Support will be the 200-day SMA with sell pressure at 34.21. The closing price was 33.65 so the upside is about 0.55 to resistance. Certainly, consider market conditions when deciding when and if you are entering a position and manage risk with stop limits.  

Fed rate announcement days are always volatile so I’m not considering adding to any positions at this point. We will continue to manage the portfolio and look for better set-ups. Be patient and let the market work for you and not the other way around.  

Have a great day and thanks for being a member of the Platinum Channel!  

This information is for educational purposes only and is not a recommendation to buy or sell a security.

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