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Watch for Shares of Charles Schwab (SCHW) to Approach Resistance at $32.60

By Nick Russo

Shares of Charles Schwab (NASDAQ:SCHW) opened today above their pivot of $31.64 and have already reached the first level of resistance at $32.15. Analysts will be watching for a cross of the next upside pivot targets of $32.60 and $33.56.

Charles Schwab has overhead space with shares priced $32.14, or 6.0% below the 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.

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 $32.14, which is 49% 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.

Keywords: pivot alerts Charles Schwab

Ticker(s): SCHW