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[Platinum Watchlist] (6.6.23) 2 stocks

[Platinum Watchlist] (6.6.23) 2 stocks
August 22, 2023

Good morning  

Market futures are slightly down this morning as focus now turns to next weeks Fed meeting. Yesterday’s down trending price action triggered some sell orders which can be reviewed in the above post.   

Yesterday we mentioned WDC on the watchlist but noted:   “WDC is trading in the middle of its range after a full candle close above the 9-day SMA. The Stochastic shows a slight rollback. With support at the 9-day SMA and resistance at 41.81. it would be prudent to wait for a pullback toward the support level for a possible entry point to improve your upside potential.”   

WDC did pull back and closed just above the 9-day SMA giving us a nice entry point. If price action falls below the 9-day SMA, the next support level is the 20 EMA ay 37.80. Stop limits should be placed at a level to limit risk to the downside based on your risk tolerance level. Resistance is at 41.72, which provides good potential upside potential. The RSI weakened and the MACD histogram is descending along with a flattening 9-day SMA, which should be evaluated as a part of a trading decision.  

EBAY had a full candle close above the 9-day SMA yesterday, however price action failed to break through the resistance level at 45.39. With support at the 50-day SMA, there is little upside to this trade unless it breaks the resistance level and gets back tested. This stock was on the Horizons list but now the chart would not provide enough upside for me to want to enter a position at this time. Others, with a higher level or risk tolerance may differ from my view.  

Have a great day!  

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

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