There are some suspect days in WFC stock where volumes were high on down days, but show up as green bars because the close was above the open. The breakout pattern from early this year appears to be a fake-out, break-out pattern and it was used to liquidate huge positions of stock by big position holders.
Fundamentals will likely follow, but the technicals...
Risk 1 point to make 1 points on this setup.
I think 44.5 will bring in some buyers so I'm just shooting for that target.
If WFC opens up 0.50, then the odds are better, as my risk is only 0.50 and my target is 1.50 away (3:1).
Longer term, I think this is a major warning sign that this breakout occurred on low volume. Note the high volume days - actually one...
goo.gl This is my trading strategy should I have traded Wells Fargo stock yesterday after the earnings announcement.
> Wells Fargo stock is trending upwards. The stock price pulls back about 50% before it prints a new higher top during the past 4 months. I don’t normally draw such an obvious trendline, but I’m including it for illustration purposes here.
> The...
Maybe technicians will also call this a head&shoulders top formation, but either way you look at it - it is running into selling pressure and the stock is being "distributed" by long term holders. The new buyers are being tested here to see if they can absorb all of the selling pressure from the long term profit-takers.
This "forecast" may be a bit on the...
Current candle stick price action is bullish. Fisher is in the high end range but still rising with no divergence.If WFC can break reference channel 1 to the upside, the near term price target is top of CLONE 2A. If we get bearish candle stick action in the current CLONE confluence area WFC could correct down to bottom of reference channel 1. If WFC breaks CLONE...
