Wells Fargo Update

Published 11/18/2020, 12:02 PM
Updated 07/09/2023, 06:31 AM

Wells Fargo Daily Chart.

Wells Fargo (NYSE:WFC) is in breakout mode today. Shares are up 2.5% as they continue to lift off solid footing (50D MAV). This move is piercing a key overhead trendline that links the previous four monthly highs. We expect WFC to extend the November rally. Initial target is the declining 200D ($28.00).

WFC went on to hit new 2020 lows in May and did so again in late October. The KBW Bank Sector Index, which WFC is a top-five holding (7%), did not reach a new low since the March bottom. The BKX is heading for its best weekly close since late February.

WFC has been tracing out a huge MACD divergence since mid May.

A close back below $23.00 would be a clear warning sign that more basing is ahead.

Note: We have no position.

You can read Gary S. Morrow's original post here.

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