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[Platinum Watchlist] (7.11.23) 3 Stocks

[Platinum Watchlist] (7.11.23) 3 Stocks
August 22, 2023

Good morning. 

Stock futures are up slightly this morning as traders await the June CPI report. Some traders will be remaining on the sidelines in front of this potential market moving data. We named a couple stocks for the watchlist yesterday but indicated that a better cost basis may be available if buy limits were place below current price, closer to the support levels.  

AIG price action hit a paper trade buy limit halfway between support and resistance at 57.89. Support is still at the 9 with resistance at the upper level of the Bollinger Band followed by 59.96. All the oscillators are in the green and price action is above all the critical SMAs.  

DVA price action did have a slight drop, but failed to trigger a buy limit at 101.50, which would have provided a better cost basis and a higher level for risk / reward. Price is currently now hitting the intermediate resistance level at 103.69. This is the second day price was not able to close above this level. This stock could go higher but will need to get past this level of resistance. Upside in this stock appears to be limited.  

MHK just had a full candle close above the 9-day SMA which will provide some level of support. All the oscillators are in the green. Resistance is found around 110.11. Price is currently above the upper Bolinger Band, so one strategy would be to set a buy limit at or under this level to attain a better cost basis like was done with AIG. This watchlist was developed as an educational tool to utilize the trading guidelines in conjunction with basic technical analysis providing subscribers with a real time paper trade scenario. 

This is a watchlist and not a buy list. When a stock gets put on the watchlist it tells us most of the conditions of the trading guidelines have been met, however we still need to be cognizant of market conditions and risk management strategies.  

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

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