Traders tend to keep records of their trades and periodically look back at what worked, what didn't, and why. This article will revisit Wells Fargo (WFC) in light of its secondary offering earlier this week, and the development of Wells Fargo's charts since then.
If you remember, we were short WFC from the high $29 area, and we ended up riding it down to the $26 swing point.That ended up being a nice trade.
So what now? Tuesday we saw WFC go against the tape, trading higher while the Financial Select Sector SPDR (XLF) exchange-traded fund and most other stocks in the sector traded lower. Is it time to buy or is there more room on the downside? Let's take a look.
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