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