[Platinum Watchlist] (5.19.23) 3 stocks on our Radar

Good morning.  

Stock futures are up a bit as the market holds hope that an agreement will be reached regarding the raising of the US debt ceiling. We had a couple range bound paper trades yesterday with IT and SEDG yesterday which are discussed it the above post.  

VCYT remains in the paper trade portfolio with price action remaining between the support level at the 9-day SMA and resistance at 25.49. Price action is still above all the SMAs; however we are starting to see the shorter-term moving averages (9 & 20) staring to flatten out. The stochastic has negatively crosses the %D line. In order to maintain gains, stop limits could be utilized at or above the support level and at or below the resistance level.   

ROST was on the Horizons List and had a one candle close above the 9-day SMA with all indicators in the green. HOWEVER, this morning UBS analyst Jay Sole maintains Ross Stores (ROST) with a Sell and raises the price target from $77 to $78. I’d expect negative price action at market open because of this analyst action, so let this play out and see where price action takes us.  

STX comes from the < 200 Stock List with a full candle close above the 200-day SMA yesterday. All the oscillators are in the green and we are seeing up trending 9 & 20 moving averages. Closing price was 62.75. Resistance is around 64.17 which provides a 1.42 upside potential. Support is at 61.12 which provides a 1.63 downside potential. Like IT and SEDG yesterday, a potential strategy is limit orders could be placed around the support level to see if price action could trigger a buy at a lower price point providing more upside potential. Always consider risk / reward when evaluating a trade and be aware of the price volatility of stocks at market open. 

 I’m not a fan of opening new positions ahead of a weekend especially with the unknowns of the debt ceiling debate, This information is for educational purposes and not a recommendation to buy or sell a stock.