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Wells Fargo & Company (WFC) “On a long-term technical basis, the stock (WFC) is trading below its 200-day moving average which generally implies it is in a negative trend. However, the stock has broken up through an important long-term fibonacci resistance level at 23.23 suggesting the long-term down trend could be turning neutral. If this new level of support at 23.90 holds, look for a move higher to the next resistance level at 29.25.
The stock has support at 23.90 and 22.06. If the stock breaks down through support at 23.90 then it will probably continue lower to 22.06. The stock has resistance at 26.36 and at 29.25. If the stock breaks up through resistance at 26.36 then it will probably continue higher to 29.25. The 200-day moving average is at 37.61. This will also act as resistance. The stock is neutral according to the Stochastic Indicator (37.25).”
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