I believe that sometimes an instrument will go up if it will go above a level or vice versa. I believe that sometimes trading is that simple. Of course this strategy is affected by false breakouts, but at the end of the year, a trader applying this strategy should come out ahead.
Wells Fargo is currently standing at this type of level. It is the base of a massive...
Black line a Temporary bounce after hitting the black line but most aggressive manipulators can hold for the below line for max profit.
There will be a strong bounce once hits this Red support line but once broke it will go down to $4 or below. Take out profit and go short after few weeks.
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At least this is the start of the another...
Observing this ascending triangle, I would wait to see if the stock price brake up, to buy a long position. If the price comes again to the triangle area, the pattern would have failed.
...otherwise wave 3 would be the shortest. Still bullish, but I guess the raising of interest rates in the future will peak WFC around $70. Buy pullback if it hits $40.
WFC has been unable to gain 50.5-51 resistance for months now, and the chart may indicate that it is time to retest lower. the last weekly level retest was 44.59, which bounced strongly and reversed. if 46.6 is lost, we should look towards 43.2 for next support test.
Lower still is 41.65 and 38.03 as well as others, but these levels may not apply for some time
