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by Charalambos Pissouros

Is Wells Fargo Poised to Edge North Again?

Wells Fargo & Co. (NYSE: WFC) has been trading in an indecisive mode since November 6th, below the key resistance barrier of 55.00, marked by the highs of October 17th and December 3rd, 2018. However, overall, the stock is trading above the uptrend line drawn from the low of August 15th and thus, we will hold a cautiously positive stance for now.

If the investors decided to buy more shares and the price breaks above the highs of September 20th and 21st, 2018, at around 55.75, we could then experience bullish extensions towards the 57.25 zone, near the inside swing lows of July 31st, August 2nd, and August 10th, 2018. If the advance does not stop there and WFC breaks above 57.25, we may then see the price traveling towards the 59.50 mark, which provided decent resistance between August 8th and 27th, 2018.

Taking a look at our daily oscillators, we see that the RSI rebounded from near its 50 line, while the MACD, although below its trigger line, shows signs that it could start bottoming within its positive territory. Both indicators suggest that the stock may start picking upside speed again and support the notion for a trend continuation.

On the downside, we would like to see a clear close below 53.10 before we abandon the bullish case. Such a dip may allow declines towards the low of November 29th, at around 51.35, the break of which could open the path towards the 49.35 territory, near the low of October 18th.

Wells Fargo Stock daily chart technical analysis

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