Wells Fargo (NYSE:WFC) has been under pressure since January 29, 2018 when it traded as high as $66.31 a share. Since that pivot high, the stock has been steadily declining. On Tuesday, WFC traded at $50.91 a share. It should be noted that the stock is now trading below its important 50- and 200-day moving averages. This technical chart position usually indicates further weakness in the stock price near term.
Watch This Price
Traders must now keep an eye on the $48 area as the next major support level. This is where the stock broke out in November 2016. Often, prior breakout levels will be defended when initially retested.