Futures are fairly tame this morning after yesterday’s price action uptrend. Lots of Options expiring today and the markets will be closed on Monday giving us an extended weekend. I usually do not like to enter new positions or hold positions over an extended weekend in my swing trading portfolio.
AIG closed above the cost basis of 56.21 and the 200-day SMA which is now a support level at 56.25. With resistance at 57.59, technically there is limited upside potential unless momentum gets the price above that point. This position is currently providing the portfolio with a $0.41 / share gain.
MDT is still providing the portfolio with a $2.50 / share gain as of yesterday’s close. After the gap up, there is some level of support at 88 with resistance at 89.43. It may be prudent to take a 1/2 position off the table to preserve the gain depending on your risk tolerance level prior to the extended weekend.
NTRA price action closed right on the resistance level which is the same as cost basis. Support is at the 20. Price action will need to push through the descending 50-day SMA to provide this stock with any upward momentum. If price can move past resistance and the 50, the next level of resistance is around 53.30.
PG (from the Horizons list) just had a full candle close above the 9-day SMA with all the oscillators in the green. Support is at the 20 with resistance at 150.70.
Today’s market conditions would make me think twice about entering new positions prior to a long weekend, however this stock meets the trading guideline parameters for those with higher levels of risk tolerance.
Have a great Weekend – See you on the Platinum ZOOM later today.
This information is for educational purposes and not a recommendation to buy or sell a stock.
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