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6/02/99 Charles Schwab
(SCH)
Points to watch: Charles Schwab is near important support. The stock rallied from February 10th to April 14th, then fell to 95.88 (the 62% retracement of its 2 month rally) on April 19th. Subsequent rally attempts from mid April to mid May were all stopped near the 38% retracement level (119.31). On May 25th the stock fell below its 55 day moving average for the first time since breaking above it last October 9th. Yesterday Schwab successfully held the 62% retracement level during an intraday test. A sell signal would be given with a break below the 62% retracement level, but we would wait until the MACD signal line confirms the sell signal by moving below 0 before selling or shorting the stock.
