U.S. stock futures are down this morning to kick off the second half of the 2023 trading year so there is no hurry to enter new positions. I hope everyone had a nice Independance day holiday.
There are currently 3 positions in the paper trading portfolio. Let’s see where we are as of market close on Monday.
PM closed up above the 97.51 support level continuing its uptrend price action along the upper Bolinger Band. Resistance will be found around 99.94. All the oscillators are in the green. This position is currently providing the paper trade portfolio with a $1.71 / share unrealized gain as of the close.
ABT closed down with the 50-day SMA showing support. There has not yet been a full candle close under the 9-day SMA. There is a flattening out of the MACD and a decline in the RSI, so set your stop limits above the cost basis to assure you lock in gains as price action is moving sideways. This position is currently providing the paper trade portfolio with a $1.33 / share unrealized gain as of the close.
CHTR continued its uptrend in price action along the upper Bolinger Band. Support is at the 200 with resistance found around 381.08. All the oscillators are in the green. This position is currently providing the paper trade portfolio with a $5.28 / share unrealized gain as of the close.
CDW has moved up from the < 200 Stock List providing a back test of its 200-day SMA which becomes a level of support. There will be some selling pressure around 185.94 which is beyond the upper Bolinger Band level of 184.31. With market futures in the red today, a trader may be able to get a better cost basis with a buy limit set closer to the support level to catch a price action gap down or just pass on this one.
Market volatility can be frustrating, but it is important to be patient and wait for good trading opportunities.
Have a great day! This information is for educational purposes and not a recommendation to buy or sell a stock.
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