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Possible Bearish Inside Day Candle Pattern Detected for Schwab (Charles) (NYSE:SCHW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schwab (Charles) (NYSE:SCHW) based on the price action in the company's shares. Today's price range of $48.13 and $48.57 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Schwab (Charles) may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 24.9% exists for Schwab (Charles), based on a current level of $48.53 and analysts' average consensus price target of $60.62. The stock should run into initial resistance at its 50-day moving average (MA) of $49.02 and subsequent resistance at its 200-day MA of $52.50.

Over the past year, Schwab (Charles) has traded in a range of $42.01 to $60.22 and is now at $48.53, 16% above that low. The 200-day and 50-day moving averages have moved 0.21% lower and 0.39% lower over the past week, respectively.

The Charles Schwab Corporation provides a variety of financial services to individual investors, independent investment managers, retirement plans, and institutions. The Company provides its clients with securities brokerage, banking, and related financial services through offices in the United States, Puerto Rico, and the United Kingdom.

SmarTrend is monitoring the recent change of momentum in Schwab (Charles). Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Schwab (Charles) in search of a potential trend change.

Keywords: bearish inside day candle schwab (charles)

Ticker(s): SCHW