Good morning, The Nasdaq and S&P are up this morning with the rise of NVDIA and other AI related stocks while the DJIA is lagging as concerns over the debt ceiling vote loom ahead.
BWA remains in the portfolio this morning. This position is currently up $1.02 / share over cost basis. Support is at the 50-day SMA with resistance at 47.64. There is a slight rollover of the Stochastic. Set stop limits above cost basis to defend the gains. Sell limits could be placed around the resistance level to increase potential gains over the closing price.
HPQ closed at 31-30 on Friday. All the oscillators are in the green and price is above all the critical SMAs. Support will be found at the 9-day SMA with resistance around the 32.09 level. The intermediate term resistance level is at 33.47.
AMZN prices action presented a golden cross of the 50-day SMA over the 200-day SMA which is considered a bullish signal. All the oscillators are in the green and price is above the SMAs. Price wicked up past the resistance level at 121.14 on Friday. If price action can gain momentum and close above this level, the next resistance will be found at 122.01 followed by 126.76. Support is at the 9-day SMA.
ODFL had a full candle close above the 9-day SMA. Support is at the 20-day EMA with resistance at the 50-day SMA. All the oscillators are in the green. Today we will be watching to see if we get the 9-day SMA to cross above the 200-day SMA and get more strength in the RSI.
There will be a lot of chasing the AI related stock in the markets showing some FOMO in the market. The charts of these stocks show a lot of large gaps that most likely will be filled at some point. Swing trading is not about chasing stocks but sticking to your trading plan and managing risk.
Have a great day!
This information is for educational purposes and not a recommendation to buy or sell a stock.
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