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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. If the new level of support at 24.36 holds, look for a bounce to the next resistance level at 25.36. If the stock breaks up through resistance at 30.73 a positive trend change is being attempted. Look for a possible long-term rally to previous highs.
The stock has support at 24.36 and 22.56. If the stock breaks down through support at 24.36 then it will probably continue lower to 22.56. The stock has resistance at 25.36 and at 26.85. If the stock breaks up through resistance at 25.36 then it will probably continue higher to 26.85. The 200-day moving average is at 31.62. This will also act as resistance. The stock is neutral according to the Stochastic Indicator (59.29).”
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