A key resistance level has formed in the chart of LPL Financial Holdings (LPLA).
LPL Financial Holdings (LPLA) is an independent broker/dealer that provides a platform of proprietary technology, brokerage, and investment advisory services to financial advisors and institutions. The company has benefited efforts to increase its client base. Stable advisor productivity and recruiting should continue to drive revenue during the economic slowdown.
Take a look at the 1-year chart of LPLA below with added notations:
Chart of LPLA provided by TradingView
LPLA has formed a level of resistance at the $85 mark (blue) over the past few months. And almost a year ago in September this level acted as resistance, and then support in November.
A trader could enter a long position on a break above the $85 level with the expectation of a breakout.
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LPLA shares were trading at $81.83 per share on Thursday morning, up $0.78 (+0.96%). Year-to-date, LPLA has declined -10.30%, versus a 9.25% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp, CMT
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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