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Fan Yang

TD Ameritrade (AMTD) to Signal Bearish Continuation

TD Ameritrade $AMTD put in a price top by mid-year. The daily chart below shows us that price confirmed the price top by challenging it and respecting it as resistance. Then, after price slide to almost $48 by mid-October, AMTD rebounded. However, price action this week is on the brink of signaling a bearish continuation.

AMTD Daily Chart

(click to enlarge)

Bearish Confirmation:
- Just like the market confirming bearish control in July, it is doing so again here in December. 
- Note that the prevailing bull run was choppy, but the 12/4 session candle was sharp and decisive. 
- Price found resistance at $55 and the 100-day simple moving average (SMA). More importantly, it reflects respect to a support/resistance pivot area, so it confirms bearish control.
- A break below $51 should be a sign that the market is going to test the $48 low again.
Bearish Targets:
- With the prevailing bearish trend/correction intact, we can anticipate lower low heading into 2019.
- The conservative bearish outlook would be the $47 support/resistance pivot area. 
- Below that there is downside to $39-$40 area, another key support/resistance pivot area.
- A less aggressive bearish outlook could be the $42 area, where the 200-week SMA resides at the moment.

AMTD Weekly Chart

(click to enlarge)