Wells Fargo - trouble?
Updated
Wells Fargo is in an extremely delicate moment right now. The U$ 28.88 (blue line) seems to be the most important price region, where it was tested several times as support and resistance alike.
The prices are in a support region at the moment (pink line), but the loss of this region could make the prices drop to lower levels (orange or red line). It would be a very risky buy, not worth in my opinion, because we lack bullish signals here. Also, there is something that seems to be a Head and Shoulders pattern (red circles), which is a bearish pattern, but I would wait for a pullback to short the stock. It is very dangerous times and is better be safe than sorry.
The prices are in a support region at the moment (pink line), but the loss of this region could make the prices drop to lower levels (orange or red line). It would be a very risky buy, not worth in my opinion, because we lack bullish signals here. Also, there is something that seems to be a Head and Shoulders pattern (red circles), which is a bearish pattern, but I would wait for a pullback to short the stock. It is very dangerous times and is better be safe than sorry.
Comment
WFC still not showing any signal of strength here. It would be a very risky long trade, with a good risk/gain relationship, yes, because the stop loss would be cheap, but still very risky (no free lunch).I maintain my previous analysis, we need to wait for the bulls to show up to see if the prices could go up to U$ 28.88, the most important barrier to surpass right now.
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