FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

May 13 Chart of the Day - Charles Schwab

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

When we last featured Charles Schwab (SCHW) back in September 2023 the firm had just completed its first batch of customer migrations from TD Ameritrade over the long Labor Day holiday weekend.

The company reportedly completed its last batch of client migrations this past weekend bringing the bulk of the heavy lifting to a close.

Now the question becomes can Schwab retain these newly acquired clients and deliver profitable and satisfactory services so we wanted to take another look at their chart from a price action technical analysis perspective.

Price has risen from the $50s to the mid $70s since we last featured them, don't you wish you followed us back then?  

Monthly Chart 

Schwab monthly price action technical analysis review

On the monthly chart we can see that after setting its $96.24 all time high (ATH) back in 2022 price fell dramatically over time and seemingly found a bottom and bounced around the $45 area.

Since then, price has been making a series of higher highs and higher lows.

Weekly Chart

Schwab weekly price action technical analysis review

On the weekly chart we can see with much more clarity the recent up trend and the series of higher highs and higher lows during the past year or so.

Trading at $75.41 earlier today price may have an upcoming decision to make after recently fading from previous support/resistance sitting just below a bear Fibonacci 61.8% retracement level.

While it's not the last chance for the bears to step in, it's potentially an area of confluence that could create another higher high before deciding what to do next.

We've layered in traditional Fibonacci levels in both directions to use as potential levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections. 

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