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[Platinum Watchlist] Updates on 2 stocks!

[Platinum Watchlist] Updates on 2 stocks!
August 21, 2023

Good morning.  

Stock futures are down again this morning as the market may be coming to the realization that the FED will most likely have to continue to raise interest rates this year. Several FED speakers have backed this up. 

Downward trending markets are necessary for swing traders with regard to providing us with potential set-up. 

PEP closed down yesterday 0.28% just above the upward trending 9-day SMA (current support) after wicking up to the 50-day SMA which has been resistance. The SS has showed a slight roll-over. Price action trend is down which is bearish.   

ABBV gapped down to close just above the 9 & 200 day SMA which is the last line of support after wicking up above the 20. The RSI is below 50 and we have a slight roll-over of the SS. Stops should be set to reduce the potential loss.  

Here is the takeaway from this week: Risk tolerance has a lot to do with swing trading. Those who are risk adverse (like me) would not have entered into these positions this week because of the CPI and PPI reports coming out even though the guideline parameters are met. 

I stated this on Monday. Those with moderate risk levels would have entered the position on Monday and set stops on Tuesday above cost basis and got stopped out with a slight profit on Tuesday. 

Traders with high risk tolerance would still be in the trade today, waiting for a full candle close below the 9-day SMA in the event price action finds hard support at the 9-day and reverts to an upward trend. Higher level of risk – Higher level of reward/loss.   

Risk tolerance is different for each individual trader. You have to understand your risk tolerance level which is why we paper trade to gain that experience and get the feel of the market. Technical analysis is a tool that help us make trading decisions. It’s up to the trader to determine how far you want to test this tool. 

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

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