The Daily Spotlight Stock Watchlist for November 3, 2023

Welcome to another edition of The Daily Spotlight! We're excited to provide you with our daily stock watchlist featuring potential trading opportunities for the day.

But first…

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Stock Pick 1:

VZ - Verizon Communications Inc

It’s been a nice run, but there are several key factors going against VZ going into the trading day. As you can see, the 200 day moving average (shown in white on the above chart) is going to act as a stiff resistance against any further price increases. VZ broke out of the descending triangle (which is a bullish pattern), but it has already completed it’s measured move. Now it sits firmly in the Lux Algo sell zone and the RSI is nearly 70. VZ is a good candidate for a short right h

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Stock Pick 2: T

T - AT&T Inc

Remember in yesterday’s edition we said that stocks in the same sector tend to move in the same patterns? As can be seen in the chart, T is lagging just a day or two behind VZ. There is a little more room to the upside and then it will be due to pull back. We like this as a buy, take profits, and then flip to a short once it reaches the 200 day moving average.

Stock Pick 3: CVNA

CVNA - Carvana Co.

Just to be clear, this company will go bankrupt eventually; however, this swing up will be too juicy to not take advantage of. The 200 day moving average held strong, and with the RSI so low and the MACD indicating a bullish crossover this should be a good short term trade.

Stock Pick 4: ACI

ACI - Albertsons Companies, Inc.

After a recent downtrend, the signs of a reversal in ACI are starting to appear. With the RSI bottoming out and coming off 30 and the MACD looking like it’ll confirm a bullish reversal tomorrow, we think this one is worthy of a several day long swing trade to the upside.

Stock Pick 5: ITRN

ITRN - Ituran Location and Control Ltd

What’s not to like about this chart? Everything you look for in a reversal is here. ITRN is back above the 200 day moving average just as the RSI is coming back above the 30-mark. The MACD looks to confirm a bullish crossover tomorrow and as if all of that wasn’t enough, ITRN closed above the 9 day moving average and still sits in the Lux Algo buy zone. This is a buy for us.

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Protect Your Investments with Stop Losses:

One of the fundamental principles of successful trading is risk management, and a crucial tool in your toolkit is the use of stop losses. In the volatile world of the stock market, where prices can fluctuate rapidly, stop losses act as a safety net for your investments. By setting stop losses, you are taking control of your risk, ensuring that even in the event of unexpected downturns, you protect your capital. It's a proactive approach that can help you navigate the ups and downs of the market with confidence, providing peace of mind and enabling you to make more informed, rational decisions. Remember, the key to successful trading is not just about maximizing gains but also safeguarding against losses, and stop losses are a powerful strategy for achieving that balance.

We encourage you to share your thoughts, experiences, and feedback with us. Your insights and questions are always valued.

If you have any questions or need further information about these picks, please don't hesitate to reach out.

Happy trading, and we look forward to sharing more profitable opportunities with you in the days ahead!

Best regards,

Nic

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DISCLAIMER: Important Information Regarding Our Newsletter:

Not Financial Advice: The content provided in this newsletter is for informational purposes only and should not be considered as financial advice. The stocks mentioned here are based on our opinions and research. It is essential to conduct your research and consult with a qualified financial professional before making any investment decisions. 

Risks Involved: Investing in stocks involves substantial risk, and the value of your investments may fluctuate. You could potentially lose a significant portion or all of your invested capital. Please be aware of the risks associated with trading and investing in the stock market.

Not a Registered Investment Advisor: We are not registered investment advisors and are not authorized to provide financial advice. The information shared in this newsletter is intended for educational purposes and should not be interpreted as personalized investment guidance.

Potential Conflicts of Interest: We may or may not own positions in the stocks discussed in this newsletter. Our interests in these stocks could create a conflict of interest that may affect the objectivity of our analysis. We are not obligated to disclose our positions in the mentioned stocks.

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