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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Schwab (Charles) (NYSE:SCHW) based on the price action in the company's shares. Yesterday's price range of $41.88 and $42.37 is within the prior day'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 Schwab (Charles) may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 45.7% exists for Schwab (Charles), based on a current level of $41.61 and analysts' average consensus price target of $60.62. The stock should find initial resistance at its 200-day moving average (MA) of $43.12 and further resistance at its 50-day MA of $47.42.

In the past 52 weeks, shares of Schwab (Charles) have traded between a low of $34.58 and a high of $51.65 and closed yesterday at $41.61, which is 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

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 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: bullish am inside day candle schwab (charles)

Ticker(s): SCHW