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Possible Bullish Inside Day Candle Pattern Detected for Charles Schwab (NASDAQ:SCHW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Charles Schwab (NASDAQ:SCHW) based on the price action in the company's shares. Today's price range of $31.09 and $31.32 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. Traders and investors interested in shares of Charles Schwab may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 9.4% for shares of Charles Schwab based on a current price of $31.26 and an average consensus analyst price target of $34.19. The stock should find initial support at its 200-day moving average (MA) of $29.65 and further support at its 50-day MA of $27.81.

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, shares of Charles Schwab have traded between a low of $21.51 and a high of $35.72 and are now at $31.26, which is 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has slid 0.5%.

SmarTrend recommended that subscribers consider buying shares of Charles Schwab on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.06. Since that recommendation, shares of Charles Schwab have risen 14.8%. We continue to monitor SCHW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Charles Schwab

Ticker(s): SCHW