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Fan Yang

Ameritrade (AMTD) Confirms Short-term Bullish Outlook

Ameritrade $AMTD is confirming a short-term bullish outlook after respecting a small price bottom that was formed in October. 

AMTD Daily Chart

(click to enlarge)

Mini-Price Bottom:
- On the daily chart we can see that the bearish market pushed price below a key resistance around $51.55, but AMTD eventually found support at $48. 
- On the rebound, price initially found resistance at $51.55, which was a bearish sign, but the market held price above $48. 
- Eventually by early November, price was able to climb back above that $51.55 pivot.
- This time, this $51-$51.55 area became support again. 
- After several tests, the Monday (11/26) price action is confirming respect for that October consolidation as a price bottom.
Limited Upside:
-  For now, this bullish outlook is limited to the short-term because price is under the 200-day simple moving average (SMA), and there is heightened general market risk.
- With these considerations, we should limit any bullish outlook to the $57, where there is a falling trendline and the 200-day SMA. 
- But we can probably expect resistance starting in the $55-$56 area. 
- $54 is still a local resistance pivot, but I think price action is showing bullish resolve, again only in the short-term.

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