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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 18.57 suggesting the long-term down trend could be turning neutral. If this new level of support at 24.80 holds, look for a move higher to the next resistance level at 26.85.
The stock has support at 24.80 and 23.52. If the stock breaks down through support at 24.80 then it will probably continue lower to 23.52. 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 33.85. This will also act as resistance. The stock is neutral according to the Stochastic Indicator (61.90).”
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