[Platinum Watchlist] (5.17.23) 3 Stocks

Good morning.  

Futures are looking greenish this morning as the market weight the possibility of a debt ceiling compromise.  

We still have VCYT in the paper trade portfolio which is currently $1.00 / share above the cost basis. Support is the cost basis followed by an up trending 9-day SMA. Resistance is at 25.49. Stops could be put above cost basis to preserve a small gain and just below resistance to maximize gains in accordance with range bound trading. 

UAL was on the Horizons list and just qualified to be upgraded to the Watchlist in accordance with the trading guidelines. Note that price action is just above a slightly up trending 9-day SMA. The MACD and Stochastic are barely above their signal lines. I’d like to see more separation between these lines and a strengthening RSI. This stock is in a flat to sideways trading pattern like much of the broader market. Support is at the 20 and resistance is at 48.49. Not the best set-up, but it slightly meets the trading guidelines. This would be more of a higher risk play at the moment.  

We the have traded in and out of SEDG two times utilizing support and resistance as our entry and exit points. SEDG closed yesterday right above the (rising but flattening out) 9-day SMA which would be the new support level. If there is a bounce, I’d look for some resistance above 301 followed by 318.85. Note the RSI took a bit of a downturn yesterday but is still slightly above the 50 level. If the trade goes against us, we will see the next level of support at 292.21 followed by the 200-day SMA. Again, this is a higher risk trade so be cautious and utilize tighter stops if you choose to go down this path.  

In range bound markets, swing traders may need to adjust their profit targets and be content with smaller gains within the range or just wait on the sidelines for better set-ups.  

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