Keep an eye on these 4 stocks today

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: ERIE

ERIE - Erie Indemnity Company

With a full candle close above the 9 day moving average in yesterday’s trading session, ERIE appears to be entering an uptrend. RSI and MACD are both trending positive. We believe this should move up.

Stock Pick 2: COST

COST - Costco Wholesale Corporation

With the MACD recently completing a bullish crossover and RSI not yet overbought, COST looks like it has a little room left to run. We like this for a probable move upwards.

Stock Pick 3: SGEN

SGEN - Seagen Inc.

Broadening wedges are a bearish pattern and SGEN completed a full candle close below the exponential 20 day moving average today. If you’re wondering what the difference between an exponential moving average and a simple moving average is, the exponential moving average weights the more recent candles heavier while a simple moving average weights them all the same. The aforementioned factors combined with the RSI and MACD both showing steady downwards trends leads us to believe that SGEN should continue to head lower.

Stock Pick 4: SURG

SURG - SurgePays, Inc.

SURG broke out of the descending wedge, which is a bullish pattern, and completed the measured move (how high it was anticipated to go after breaking out). After two tries to break the 200 day moving average and finding itself right up against the Lux Algo sell zone, SURG is going to run out of steam. We can assume this because RSI has reached 70, which is considered overbought territory. SURG should fall back from this price level.

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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.

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