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

By David Diaz

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 $40.91 and $41.57 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 48.2% exists for Schwab (Charles), based on a current level of $40.91 and analysts' average consensus price target of $60.62. Schwab (Charles) shares should first meet resistance at the 50-day moving average (MA) of $42.13 and find additional resistance at the 200-day MA of $44.47.

In the past 52 weeks, Schwab (Charles) share prices have been bracketed by a low of $37.83 and a high of $54.26 and are now at $40.91, 8% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.7%.

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 recommended that its subscribers protect gains by selling shares of Schwab (Charles) on May 15th, 2019 by issuing a Downtrend alert when the shares were trading at $43.25. Since that call, shares of Schwab (Charles) have fallen 3.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle schwab (charles)

Ticker(s): SCHW