February 7, 2023

Here's a Brokerage Firm With Bullish Charts

Interactive Brokers Group (IBKR) bottomed in May, June, and July and launched a strong rally. Prices just made new highs so let’s review the charts for “what’s next”.

In this daily bar chart of IBKR, below, I can see that IBKR is trading above the rising 50-day moving average line and above the rising 200-day moving average line.

The daily On-Balance-Volume (OBV) line has been moving higher and tracks the price movement of IBKR. The Moving Average Convergence Divergence (MACD) oscillator is bullish.

In this weekly Japanese candlestick chart of IBKR, below, I can see how the price of IBKR moved sideways from early 2021 to January 2023 before pushing up to new highs recently. Prices are above the rising 40-week moving average line.

The weekly OBV line is moving up and close to making a new high to confirm the price gains. The MACD oscillator is bullish.

In this daily Point and Figure chart of IBKR, below, I can see an upside price target in the $89 area. Not far away.

In this weekly Point and Figure chart of IBKR, below I can see an upside price target in the $107 area.

Bottom line strategy: Traders could go long IBKR in the $84 area risking to $79. The $107 area is our price target for now.

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