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

By James Quinn

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. Yesterday's price range of $48.17 and $48.43 is within the prior day'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 25.2% exists for Schwab (Charles), based on a current level of $48.40 and analysts' average consensus price target of $60.62. Schwab (Charles) shares have support at the 50-day moving average (MA) of $47.85 and additional support at the 200-day MA of $43.01.

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.

In the past 52 weeks, Schwab (Charles) share prices have been bracketed by a low of $34.58 and a high of $51.65 and closed yesterday at $48.40, 40% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Schwab (Charles) on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.25. Since that recommendation, shares of Schwab (Charles) have risen 24.7%. We continue to monitor SCHW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle schwab (charles)

Ticker(s): SCHW