SCHW – neutral – Falling wedge breakout triggers further upside
SCHW 29.33 – neutral – Falling wedge breakout triggers further upside
SCHW rallied through 2.5-month falling wedge resistance (from August 6’s 35.72 peak) to confirm a wedge breakout. In the meantime, breaking above the 28.80 range ceiling (October 16, 2015) completed a 5-week base over 26.40 (October 2, 2015 low), triggering further upside towards 30.45 (76.4% of the 31.72/26.40 fall) ahead of the 200 day moving average currently at 30.75. The 28.49 low (October 20, 2015) near the wedge breakout point should support dips. However, a push back below there would delay and risk 28.22 (October 19, 2015 low).
Outlook:
Daily: neutral (due to near-term low risk reward)
Weekly: neutral
SCHW rallied through 2.5-month falling wedge resistance (from August 6’s 35.72 peak) to confirm a wedge breakout. In the meantime, breaking above the 28.80 range ceiling (October 16, 2015) completed a 5-week base over 26.40 (October 2, 2015 low), triggering further upside towards 30.45 (76.4% of the 31.72/26.40 fall) ahead of the 200 day moving average currently at 30.75. The 28.49 low (October 20, 2015) near the wedge breakout point should support dips. However, a push back below there would delay and risk 28.22 (October 19, 2015 low).
Outlook:
Daily: neutral (due to near-term low risk reward)
Weekly: neutral
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.