Many of the leading bank stocks took a hit Wednesday. Wells Fargo (NYSE:WFC) in particular caught my eye, trading lower by $1.29 to $56.09 a share. It also broke its important 200-day moving average, which is a negative position for the stock. There are still many support levels still in play for WFC but this sign of weakness should lead to further downside in the coming weeks.
Support To Watch
Traders and investors should note that the next key support area for the stock is around $52. This important level was defended in late April 2018 and will likely serve as major support when retested. I'll be closely watching this price point for a long-side trade in this banking giant.