Here’s The Trade On Charles Schwab
InTheMoneyStocks.com | Jul 31, 2018 01:46PM ET
Financial firm Charles Schwab (NYSE:SCHW) has been steadily moving lower since May 21, 2018. At the time, the stock traded as high as $60.22 a share. Today it's trading lower by 0.24 to $51.08. The current chart pattern is not indicating much strength. On Monday, the stock closed below the important 200-day moving average, which is viewed as a sign of weakness.h3 Look Lower/h3
Traders and investors must now look lower for major chart support. There still looks to be a lot of support for SCHW around the $47.50 area. This is where the stock broke out in late November 2017. Often, when a stock trades back down into a prior breakout area it will be defended by the institutional crowd. That should be the case this time around as well for SCHW shares.
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