SCHW - Bullish pennant or symmetrical triangle
A pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines—the pennant—followed by a breakout movement in the same direction as the initial large movement, which represents the second half of the flagpole. (Source: Investopedia)
SCHW has been trending up and with the recent quarterly report had a massive gap up followed by a tight consolidation.
Confirmations to look for:
1. Fundamentals - Look at industry sector and other earnings report that can support the bullish thesis for the continuation.
2. Breakout with High Volume
3. Retest of previous resistance or sellers reaction points
Early entry is 65.51
Entry with confirmation can be around 66
Price Target is 68-70
If price holds 68, then 73, 75
SCHW has been trending up and with the recent quarterly report had a massive gap up followed by a tight consolidation. Confirmations to look for:
1. Fundamentals - Look at industry sector and other earnings report that can support the bullish thesis for the continuation.
2. Breakout with High Volume
3. Retest of previous resistance or sellers reaction points
Early entry is 65.51
Entry with confirmation can be around 66
Price Target is 68-70
If price holds 68, then 73, 75
Nota
With the sell off, now the bullish pennant is looking more like a falling wedge.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.