Charles Schwab Corporation (SCHW), the financial services giant managing over $9 trillion in client assets, has been on a remarkable journey since bottoming in late 2023. The weekly chart reveals a textbook uptrend that’s now pushing into uncharted territory—but can it hold?
Let’s start with what’s impossible to ignore on the chart: that beautiful ascending trendline stretching back to the 2023 lows around $48. SCHW has respected this support structure through multiple tests over the past two years, bouncing cleanly each time the bulls needed reassurance. That’s the kind of technical foundation that separates sustainable rallies from flash-in-the-pan moves.
The stock has more than doubled from those depths, recently cracking through a stubborn resistance zone near $96-100 that had capped upside attempts. What happened next? SCHW didn’t just nudge higher—it surged to $104, establishing a fresh multi-year high. This level of momentum suggests institutional accumulation, not retail enthusiasm alone.
But here’s what makes this setup particularly intriguing for swing traders. Those red vertical candles highlight moments when SCHW encountered meaningful selling pressure: the 2023 collapse, a mid-2024 correction, and consolidation in late 2024. Each time, buyers eventually regained control. The pattern speaks to underlying strength, even when short-term turbulence rattles the chart.
For bulls eyeing entries, any pullback toward that ascending trendline—currently around $76-78—would offer a logical risk-reward setup. That’s roughly 25% below current levels, providing cushion while maintaining the broader uptrend structure. Aggressive traders might look for shallower dips to recent breakout levels near $96-100.
In the bearish case, a decisive break below that trendline would signal something has fundamentally shifted. Until then, SCHW remains in a confirmed uptrend with momentum firmly in favor of higher prices.
The current test at $104 will reveal whether this rally has legs or needs to digest gains before the next push higher.