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[Platinum Watchlist] (7.26.23) 2 Stocks
[Platinum Watchlist] (7.26.23) 2 Stocks
August 22, 2023
Good morning.
Another day – another Fed rate hike!
BAX announces earnings tomorrow so according to my trading guideline I’ll be looking for an exit point for the position today. Support is at the 9-day SMA with resistance at 49.61. The is a slight negative crossover of the Stochastic. 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 their position prior to the announcement, swing traders can avoid the risk of significant losses.
COP continues to trend up along the upper Bollinger Band and the 9-day SMA is about to cross over the 200-day SMA. The price of crude is down this morning which could affect the price of this position, so protect your gains with stop limits. Support is at the 200 with resistance around 118.36.
Everyone is expecting a 0.25% rate hike today, however what will the Fed do next? Historically, the market has traded higher immediately after the announcement of a monetary policy decision but later dipped during Fed Chair Jerome Powell’s press conference. Any hint of a hawkish stance from Powell could further impact market sentiment on a day when earnings may not provide strong support. For this reason,
I’m not planning to add any positions to the Paper Trade Portfolio today but will focus on managing the current stocks.
Have a great day! This information is for educational purposes and not a recommendation to buy or sell a stock.
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