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Indications Suggest NYSE:SCHW Could Be on the Verge of a Breakout.

By Mill Chart

Last update: Apr 19, 2024

Our stockscreener has identified a possible breakout setup on SCHWAB (CHARLES) CORP (NYSE:SCHW). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:SCHW for potential opportunities.

SCHW Daily chart on 2024-04-19

What is the technical picture of NYSE:SCHW telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, SCHW scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, SCHW is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that SCHW is one of the better performing stocks in the market, outperforming 88% of all stocks.
  • SCHW is part of the Capital Markets industry. There are 209 other stocks in this industry. SCHW outperforms 91% of them.
  • SCHW is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so SCHW is leading the market.
  • In the last month SCHW has a been trading in the 69.47 - 73.88 range, which is quite wide. It is currently trading near the high of this range.
  • Volume is considerably higher in the last couple of days.

For an up to date full technical analysis you can check the technical report of SCHW

Why is NYSE:SCHW a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:SCHW has a 8 as its setup rating, indicating its current consolidation status.

SCHW has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 72.94. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 70.61, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:SCHW be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:SCHW and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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SCHWAB (CHARLES) CORP

NYSE:SCHW (5/17/2024, 7:25:23 PM)

After market: 79.32 +0.54 (+0.69%)

78.78

+0.74 (+0.95%)

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