[Platinum Watchlist] (2.8.23) 4 Stock updates!

[Platinum Watchlist] (2.8.23) 4 Stock updates!
August 21, 2023

Good morning.

ADBE drifted down to find support at the 9-day SMA before closing up 2.29%. The 20-day SMA is now above our cost basis. Stops will be placed below the 9-day to defend our gains as the SS continues to rollover.

SFM found support at the 9-day SMA (after wicking down to the 20) but hit resistance at the 50-day SMA once again. The SS had a slight negative crossover. We are still looking for a close above the 50 to confirm positive momentum. With a cost basis of 31.75 a stop may be appropriate around 32.05 to defend our gain.

PSN wicked down to the 9-day SMA at 43.84 where it met support and an abundance of Buy orders. It then found bullish momentum to close up .63%. All the oscillators remain positive. The only concern would be light trading volume that can affect liquidity.

BMY closed down .01%, above the 200-day SMA but finding resistance at the 50-day SMA. It appears there will be a death cross in the future as the 50-day SMA is trending down toward the 200.

We are still waiting for a close above the resistance level above the 50 to give us confidence of further upward price momentum. At the moment, we will focus on managing risk on the paper trade portfolio while looking ahead for stocks that are potentially moving toward good swing trade set-ups.

There is no hurry to enter markets until we are presented with set-ups that give us the best possibility for success.

This information is being provided for educational purposes and is not a recommendation to buy or sell a security. @Platinum