September 6 Chart of the Day - Charles Schwab
If you've been following our Chart of the Day posts and have benefited from one or more of them we ask that you consider participating our NEW Pay It Forward - Traders Helping Traders program.
Charles Schwab’s (SCHW) Labor Day weekend conversion of TD Ameritrade accounts seems to have gone off without any major incidents.
During a press conference Tuesday the company stated that more than 7,000 advisor firms, 3.6 million client accounts and $1.3 trillion in assets were moved overall. They said that ahead of the conversion, TD advisors had been able to set up their Schwab Advisor Center credentials and familiarize themselves with the platform beginning on June 21.
Last month the company said that it continues to lose retail customers following its merger with TD Ameritrade that was announced in late 2019.
Overall, the stock price is down about 25% this year.
However, since defining a bottom around $45 back in April price has been making a series of higher highs and higher lows and has been recently been trading around $60 which on the higher time frame charts is what we like to call a "major line in the sand".
Above $60 the bulls have dominated the chart but below that level the bears have been in charge.
So price could trade around this level for quite some time, often trading above or below it only to return. At some point, price could ultimately pick a direction and move aggressively, in either direction, away from the $60 area.
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.
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
Have a chart you'd like to see featured?
Send requests at https://stockchartpros.com/community/contact
Would you like charts like this delivered directly to you every day? ChartPros Trade Room is offering an OPEN HOUSE 7-day free trial at this link.