Schwab (SCHW) – Setting Up for a Breakout – May 1st, 2019
Bullish – SCHW $45.78 – Financial
The bullish DailyPlay we chose for Wednesday, May 1st is Schwab (SCHW). SCHW is part of the Financial Sector (XLF). XLF has rallied 8.98% higher over the past month and its 1m and 6m trend turned bullish on April 1st and just broke above a major resistance level at $27.50.
Schwab’s 1m and 6m trends turned bullish on April 29th and recently bounced higher off its $45 major support level yesterday. With a technical score of 6 (out of 10), SCHW is a neutral stock that is starting to turn higher.
As a stop loss, if SCHW was to trade below $45 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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