Charles Schwab Corp. Daily Chart.
Shares of Charles Schwab (NYSE:) are gaining again today. The stock surged more than 4% yesterday with the help of a huge bump in trade. This powerful move drove the stock past heavy resistance that had capped the September highs. SCHW is adding another 1.2% today as volume remains heavy. News on the Schwab/Ameritrade deal has been attracting interest over the last two days.
SCHW is battling a declining 200-day average as the week comes to an end. This area remains a challenge. A clear take out of the $38.00 area would be sign of increasing upside momentum. On the downside, a close back below $35.00 would violate this week’s low indicating more sideways action will be needed before a fresh rally leg can begin.
Note: Long SCHW.
You can read Gary S. Moorow’s original post here.
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