Watch for Charles Schwab to Potentially Pullback After Gaining 1.80% Yesterday
Charles Schwab (NASDAQ:SCHW) traded in a range yesterday that spanned from a low of $31.98 to a high of $32.45. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $32.21 on volume of 5.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Charles Schwab share prices have been bracketed by a low of $21.51 and a high of $35.72 and are now at $32.27, 50% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.1%.
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 17.1%. We continue to monitor SCHW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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