[Platinum Watchlist] Updates on 5 stocks (2.6.23)

Good morning.   

ADBE had some nice gains so paper trade sold 1/2 of the position at 383.92 when the Scholastic gave us a negative crossover for a 5.71% gain in four days. There is a gap down so be aware. The 9-day SMA will be the next support level and is above our cost basis, so a sell limit could be placed below that level to preserve the rest of the gains, or you could wait for a full candle close below the 9-day SMA if you are more risk tolerant.  

SFM continued to find resistance at the 50-day SMA which is 32.66. If we get a break-through the next resistance is at 33.67. The 9 and 20 day SMAs (31.95) are above our cost basis of 31.75 which has formed a level of support.  Risk adverse traders would put a sell limit at that area to defend gains while those with higher tolerance levels would wait for a full candle close below the 9. 

ED had a large downward price spike and blew past the 200-day SMA where it hit a stop for a loss of 1.36%. Without setting stops, the loss could have been higher. All of our oscillators also went red.  

WELL wicked down below the 9-day SMA just to recover and close above the 200-day SMA, but below the previous days close. There was a slight negative crossover of the SS. The 200-day SMA is a strong level of support / resistance, so I’d like to see more upside price action before entering this position.

PSN is trading above the 9, 20 and 200 SMA with positive oscillators. The 20 will be support followed by the 9.  Premarket price action is down after we have seen some real amazing gains in the SPX, NDX and DJIA in the month of January. I’d expect we will be seeing some retracements as markets give back a little. Be patient and let the market work for you.   

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