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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Monday, April 09, 2018

Wells Fargo Struggles to Regain a Foothold

Wells Fargo is struggling to re-enter its long-term upward-trending Andrew's Pitchfork channel, as shown on the following monthly chart of WFC.

The momentum indicator has fallen below the zero level on this timeframe and has formed a lower swing low...hinting of further weakness ahead. And, as I mentioned in this February post, major support is at 50.00, so a break and hold below would likely see price retest the October 2016 lows, or drop lower.

* UPDATE @ close...WFC continued its intraday drop and closed near its low of the day at 52.26.


And, this report just out doesn't bode well for a sustainable rally any time soon.



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