[Platinum Watchlist] (1.10.23) 7 Stocks on Watchlist

1.10.2023

Prices are down in Pre-market trading as we once again wait for a speech from Jerome Powell. The media is still looking for a “clue” about future direction of rate hikes even though the FED has been clear the rates will be raised to over 5% and held for a longer period of time to reach the stated goal of 2% inflation. 

Markets refuse to believe the FED which makes swing trading even more challenging.  

1. CPRT 

closed up .08% yesterday and is still trading above its 50-day SMA which is right at our cost basis. A stop limit could be set above that level to preserve gains if your more risk adverse or if your more risk tolerant you can let the trade ride until you see a full candle close below the 9-day SMA.  

2. PAG 

is trading below our cost basis but still above the 9-day SMA. Set stop losses at levels you feel comfortable with remembering Powell speaks this morning which will most likely cause volatility and trigger these stops.  

3. AMGN 

lost all of its gains from Friday and continues to find support at the 20-day SMA and resistance at the 50-Day SMA. The RSI is right at 50, and we would like to see more positive strength from here.  

4. V 

closed higher yesterday and is still trading above all the critical SMAs and indicators. It still has upside potential to the resistance line at 226.09.  

Today provides us with an opportunity to practice “Patience” and “Risk Management” within our swing trading portfolio.   Have a great day!  This information is for educational purposes only and is not a recommendation to buy or sell a security.

Here are a couple more stocks showing some potential swing trade set-ups:  

5. DOW: 

Yesterday it closed above the 200-day SMA which will now act as resistance. We are now trading above all the critical SMAs with the  9, 20 and 50 trending up. Our indicators are also positive with upside potential to the resistance line.  

6. IBM: 

IBM has shown us price action pullback, full candle close above the 9-day SMA and is currently finding support on the 50-Day SMA. The indicators are mostly positive except the MACD, so look for more strength there and a positive cross over the zero line.  

7. CSX: 

We saw a full candle close above the 200-day SMA yesterday with the 9 and 20-day SMA showing a golden cross over the 200-day SMA. All of the indicators are positive with potential upside to the resistance line.  

I don’t chase stocks, so if I were interested in entering a paper trade position in any of these stocks, I’d set a limit order below the current price and use volatility to my advantage. I use moving averages that show support as a bases for setting my limit price. Where you enter a trade is just as important as where exit a trade.  This information is for educational purposes only and is not a recommendation to buy or sell