[Platinum Trading] 11.7.22 Stocks to watch for swings this week!

Good Morning Platinum Channel!  

Pre-market price action is up slightly this morning as once again the week will be dominated by the mid-term elections and the CPI report due out Thursday. Oil prices are down slightly.   

There are only 3 S&P 500 sectors out of 11 that are currently trading above their 200-day SMA: Energy – XLE / Healthcare – XLV / Industrials – XLI. 

The XLE is hitting resistance and the RSI is telling us it is over-bought at this time.  I have not found any current swing trade set-ups that excite me this morning, however there are a few stocks that just traded above their 20-day SMA for the first time. 

General Electric – GE. We can see from the chert that the 200-day SMA has acted as resistance until Friday where it closed above it with one full candle. This will be something to watch to see if it now becomes price action support. Be mindful of the RSI flashing oversold, but the MACD is still rising above the signal line.  

The other stock is Moderna – MRNA. It’s been bouncing on both sides of the 200-day SMA over the past few days and has some potential upside before hitting resistance.   These markets are still in bearish trends on the daily charts, so swing trade set-ups are limited. If you do decide to paper trade, make sure you use stop limits to protect your profits and reduce your potential downside losses. 

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