In this analysis we will compare current price movement of NYSE:SCHW with similar previous price action using trendlines, support and resistance zones, 50 (Cyan) & 200 (Dark blue) moving averages, & finally a FIB retracement. The Fibonacci retracement image will be referenced at the end of this analysis.
Taking a look past the Vertical blue line (figure 1.) on figure 3., we have a resistance on a downward trendline, which we will later see a three-point breakout of this trendline (zone, trendline & 200 MA). Now focusing on the bottom trendline (figure 4.), we do see a breakout of this trendline to find support on the bottom box (figure 5.), we then return to this trendline just before a breakout. Finally just before breakout of the top trendline (figure 3.), we see a support found between the nearest zone & the 50MA (figure 2.).
Now into the present price movement past figure 1., we see a trendline resistance followed by a box resistance later on (figure A.). Jumping down to the previous bottom trendline, on figure C. we can see that support is found again on this trendline as well as on that support box (figure D.).
As we see on figure 2., we tested both that zone & 50MA only. The difference now is that the 200MA is there, this paired with the 50MA could possibly bring us lower. It's then reasonable to expect a good entry would be on figure B. if support is confirmed in this area.
Until that happens I've set a buy zone at roughly $54, here I can take advantage of a possible retest on resistance of the 50 & 200MA, previous support & finally on that zone (figure B.).
Great work, thank you - think the first whisper of rate cuts will be the catalyst to take us to your target over the next few months, will be interesting to see if we break the descending trendline (mid 70's - Fig A) if we do then i'll be very optimistic.
(mid 70's - Fig A) if we do then i'll be very optimistic.