Technical Analysis
Wells Fargo: A Technical View
Stock quotes in this article:WFC
That high-volume spike carried Wells Fargo from $24 to $28. It is hard to see the stock trading below $24 again anytime soon. If it does pull back, volume will have to expand strongly for it to move below $28 and stay there. Clearly, Wells Fargo has significant earnings power. This can be seen in the latest earnings release. What concerns many investors and traders is whether the macroeconomic environment provides the opportunity for the bank to continue exercising that earnings power.
Although I do expect that Wells Fargo will test that $28 area more, it is hard to see it trading below there for any length of time. Sure it can happen, and if it does, I would look to be a large buyer from $20 to $24, assuming volume remains light.TheStreet Premium Services
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