SCHW - Looking Bullish Following Gap Up Consolidation
Charles Schwab gapped up back on November 21st, I believe that may have been related to the news that they were looking to buy TD Ameritrade. Since then, the stock has consolidated but managed to hold its gap level. The stock seems ready to exit an oversold condition while the RSI level held its 50 mark. The gap up in November has allowed a Golden Cross to occur on the daily chart as well.
I have some price targets noted on the chart. The green lines are standard Fibonacci levels (61.8% and 100% levels). The light blue line is based on a dynamic P&F chart but the price coincides closely with the Fibonacci Extension 50% level as well & I love when multiple analysis seems to corroborate each other. There is still some potential resistance until around $50.20 but if the stock price can break through that level there shouldn't be much built up resistance ahead.
I have some price targets noted on the chart. The green lines are standard Fibonacci levels (61.8% and 100% levels). The light blue line is based on a dynamic P&F chart but the price coincides closely with the Fibonacci Extension 50% level as well & I love when multiple analysis seems to corroborate each other. There is still some potential resistance until around $50.20 but if the stock price can break through that level there shouldn't be much built up resistance ahead.
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