JimMakos

Was Wells Fargo Q4 earnings day a good day to go long?

BATS:WFC   WELLS FARGO & COMPANY
108 0 1
http://goo.gl/hrdEfR This is my trading strategy should I have traded Wells Fargo stock yesterday after the earnings announcement.

> Wells Fargo stock is trending upwards. The stock price pulls back about 50% before it prints a new higher top during the past 4 months. I don’t normally draw such an obvious trendline , but I’m including it for illustration purposes here.

> The stock is trading higher than the significant resistance level at $44.75, which used to be the 6-month high till December. The breakout that occurred on December 18 sent Wells Fargo stock price to $45 during a day, when bulls controlled the market throughout the session. That explains the long green body of that specific day’s candlestick .

> WFC             stock pulled back to $45. That level will probably provide support to future retracements.

Just another trend-following example, entering the market on each pullback.
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