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

By Nick Russo

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 $45.74 and $45.74 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.

There is potential upside of 32.5% for shares of Schwab (Charles) based on a current price of $45.74 and an average consensus analyst price target of $60.62. The stock should run into initial resistance at its 50-day moving average (MA) of $45.75 and subsequent resistance at its 200-day MA of $48.22.

Over the past year, Schwab (Charles) has traded in a range of $37.83 to $60.22 and closed yesterday at $45.74, 21% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.5%.

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 tracking the current trend status for Schwab (Charles) and will alert subscribers who have SCHW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle schwab (charles)

Ticker(s): SCHW