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Fan Yang

TD Ameritrade (AMTD) to Face Key Resistance After Bullish Breakout

TD Ameritrade $AMTD is demonstrating some bullishness as price breaks above some key resistance factors. But another major one is just ahead.

AMTD Daily Chart

(click to enlarge)

- As we can see on the daily chart, price recently rallied from a low on the year under $48 to $51.50 area. 
- Then, price held under $51.55 for a few weeks. This area proved to be a key support/resistance pivot.
- During the 7/22 session, price finally broke higher.
- Price also broke above the cluster of 200-, 100-, and 50-day simple moving averages (SMAs) along with a falling resistance.
Next Resistance:
- While the break above $51.55 was a key one, it might be a premature bullish signal.
- There is still key resistance in the $53.50-$54.15 area. 
- I think if price starts to hold above the $51.55 area and treat it as support, we can have more confidence of the bullish outlook.
- But for now, we can say that the market might be shifting from a bearish to a sideways mode. 

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