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[Platinum Watchlist] (7.24.23) 3 Stocks

[Platinum Watchlist] (7.24.23) 3 Stocks
August 22, 2023

Good morning. 

It will be a very busy week in the markets as earnings season progresses along with a ton of economic news and the Fed rate hike announcement on Wednesday. 

BAX remains in the Paper Trade Portfolio as the chart shows some resistance around 49.53 for the second day in a row. At this level we are finding sell order resistance. Support is at the 9-day SMA. There is a slight rollover of the Stochastic. Earnings will be reported on 7-27, so I’d expect to be exiting this paper trade position prior to that date. This position is currently providing the paper trade portfolio with a $1.70 / share unrealized gain as of Friday’s close. 

HSY has shown nice price action upward trends and has just once again closed above the 200-day SMA. The RSI is still below the 50 level so a trader may want to wait for more strength in the RSI prior to opening a position. Support is at the 20-day EMA with resistance around 249.89. HSY earnings are on 7-27. My trading guidelines call for exiting a position prior to earnings, which would make for a short duration trade this week. 

COP closed above its 200-day SMA which will now act as support. There will be some sell order pressure around 115.83. Energy stocks are volatile and usually follow the price of crude, so always keep tight stops if a position is initiated. COP reports earnings on 8/3.

This is a busy week for earnings with 40% of the Dow and 30% of the S&P 500 giving their financial updates during the week. My trading guidelines dictate exiting positions prior to earnings, which means more patience with regard to entering new positions. 

 It is important to note that there is no guarantee that the price of a stock will move in a particular direction after an earnings announcement. However, by exiting a position prior to the announcement, swing traders can avoid the risk of significant losses. 

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

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