[Platinum Watchlist] (2.27.23) 2 stocks on our radar!

Good morning!  

The major averages Friday ended the day lower and posted their biggest weekly declines for 2023.  

Even with all the selling pressure on Friday, CPB traded is a fairly tight price range to close .03 higher than its opening price. The cost basis is at 53.23. We should find support at the ascending 20-day EMA and resistance at the 50-day SMA. We have a slight rollover on the SS but still show strength with the MACD and RSI.   With the sell-off last week, there is limited set-ups at this time until we get price action reversal on the major markets. 

With that being said, I’m keeping an eye on ALGT. It was able to close above the 9-day SMA support level last Friday and is trading above all the critical moving averages. At the present, there is still a negative crossover within the MACD. I would want to see more strength here before considering a position in ALGT.   

The recent market trend is still down, so follow your trading plan and set stops at levels that meet your risk tolerance. Let the market work for you and don’t be afraid to take profits. This is a game of singles and doubles.  

Have a great day!  This information is provided for educational purposes and is not a recommendation to buy or sell a security.