The Charles Schwab Corp. - (SCHW) - August 17, 2022 (Daily Stock Report)

by SIACharts.com

 

 

The Charles Schwab Corp. (SCHW) is a new edition to the S&P100 Index being added on March 21st, 2022. Shares have been soaring as of late up 41 spots over the quarter and 37 spots over the past week within the rankings of the SIA S&P 100 Index Report.

After failing to breakdown out of the bottom made on May 20th the shares moved sideways until the end of July. Since then we have seen a drastic 30.29% rally in price on increasing volumes which confirms investor participation is strong. The shares are currently sitting right outside a daily gap down that was formed on April 18th as well as its 200 day SMA, which is a key psychological area that price needs to get through in order to keep the bullish momentum going.

Aside from the 200 day SMA initial resistance comes at the gap fill area of $82.00-$85.00 range and above that price could go back and test the all time high area of $92.50-$95.00. Support below comes in at $71.00 and then down to the origination of this rally near $61.00.

 

The Charles Schwab Corp (SCHW) shares have been on a tear after basing and forming a bottoming pattern between mid June and mid July. Price is sitting about 19% off its all time high of $95.44 which was achieved back in February of this year.

Currently, the shares have rallied 30.29% from the lows on July 14th and completed a bullish triple top breakout which is where the 3 box reversal initial support comes in around $70.90. Below that major support comes in at $59.33. Looking upwards there appears to be resistance at $91.72 and should that occur the next target would be a retest of the all time highs at $95.43

With a bullish SMAX score of 8, SCHW is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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