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

By James Quinn

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 $35.46 and $35.82 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.

Over the past year, Schwab (Charles) has traded in a range of $28.00 to $51.65 and is now at $35.49, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.9% while the 200-day MA has slid 0.2%.

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.

Schwab (Charles) (NYSE:SCHW) has potential upside of 70.8% based on a current price of $35.49 and analysts' consensus price target of $60.62. The stock should run into initial resistance at its 50-day moving average (MA) of $37.37 and subsequent resistance at its 200-day MA of $41.68.

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 inside day candle schwab (charles)

Ticker(s): SCHW