This is a long term set up, that will most likely take sometime to confirm. Price has made a double bottom at the 200 weekly period moving average. In addition we are forming a falling wedge. The size of the wedge suggests that if it does break it could be a significant move to the up-side.
The candle of the week 02-08 tested the highs made in 2008 as support, an...
WFC seems to tell us that the big scare was actually just a correction within a bull market. The right look suggests WFC is on its way to new high. We even have the rule of alternation with wave 2 being an expanded flat while wave 4 is a simple ZigZag. The only thing I don't like is within the zigzag both wave are sharp. Usually one is a surprise to everybody...
Price didn't violate Aug low while most of the banks trades below that level. One important support has been broken and now is overhead resistance. Time to observe for long entry but so far in the worst comp. Real-time alerts go www.2waytrading.com
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Today, 10,000+ WFC Mar 20 $56 calls traded with the vast majority being bought for $0.35-$0.45 each, against no previous open interest. For every put that traded in the session, 2.5 calls traded (18,568 total).
Talk of a Fed Funds rate hike later this year is bullish for financial companies like Wells Fargo and the stock remains relatively inexpensive. WFC...
Overall picture appears to be distribution like MANY MANY equities, but distribution takes time... so Important to outline each leg and understand where strong bounces will most likely occur.
WFC has made lower highs since July while the overall market has made higher highs. When the leading group, financials, stop leading AND have a bearish chart pattern all by themselves, then it is a sign of trouble ahead for the S&P500 as well as being a bearish sign for WFC by itself.
Short WFC with 5% downside potential to $49.50. Stop $52.10. Last...
WFC bouncing off trend line yesterday and today again to form a shooting star. There is some hidden bearish momentum divergence seen on the histogram, and the stochastic is coming out of overbought levels without price having broken the previous swing point high. This does look like a bull flag forming, but I am looking for one more move down to retest support...
Once an issue breaks to the downside (A) there comes a time where we get a snapback rally bear channel (trendlines, B). upon the completion of the B wave in most cases its bombs away to the downside.
$WFC has been downgraded from Buy to Hold by some analyst. I am expecting WFC dive to $49 -$47 area. yesterday daily bearish bar is good reason for bearish move.
