Charles Schwab (SCHW) has soared to new highs in recent weeks. Let's check and see how much upside there may be.
In this daily bar chart of SCHW, below, we can see that prices rallied into early June and then made a sideways correction/consolidation pattern. Strength resumed in September and prices are trading at new highs above the rising 50-day and 200-day moving averages.
The On-Balance-Volume (OBV) line looks like it has resumed its bullish rise this month and the Moving Average Convergence Divergence (MACD) oscillator is bullish and pointed higher.
In this weekly Japanese candlestick chart of SCHW, below, we can see how prices touched the rising 40-week moving average line in September. This was a low-risk buying opportunity. The weekly OBV line is steady and the MACD oscillator just crossed to the upside for a new buy signal.
In this daily Point and Figure chart of SCHW, below, we can see an upside price target of $95.
Bottom line strategy: In full disclosure, I do my brokerage business with another firm but I am impressed that SCHW does employ a number of technical analysts. The charts of SCHW are bullish and traders could go long here risking $77. $95 is our price target for now.
