Financial services firm Charles Schwab Corporation (SCHW) announced second-quarter earnings results Monday. The company reported an earnings and revenue beat as higher interest rates offset lower fees. Let's check the position of the charts amid this positive print.
In the daily bar chart of SCHW, below, we can see that the shares made a small double top around $95 in January and February. In June and July we are seeing a small potential double bottom in the $60 area. Prices were trading below the bottoming 50-day moving average line on Friday but are approaching this line Monday morning. A close above this line at $65 will improve the picture.
Trading volume looks like it has dried but this month suggesting the shares are "sold out." The On-Balance-Volume (OBV) line looks like it has bottomed in June-July. The Moving Average Convergence Divergence (MACD) oscillator has been improving from early May but still remains below the zero line.