This is the first part of my top down analysis of Wells Fargo which is looking to pick up the pieces from it's recent scandals. At this point of the analysis I'm working in reverse by looking at the trend before I look at the actual value of the company and it's financial position. The overall trend is upwards even though this year there was a massive retraction. BUT that retraction is just faced its bottom resistance (W- bottom) which look like the bottom of an upward trend. The price just jumped off the 200-day moving average (exponential) and is fixing to catch up to the 50-day moving average. The 50-day moving average is starting to turn up as well but the rate of change in volume is quite subdued, but the momentum is slowly turning.
Comments and positive criticism are always welcome!
Comments and positive criticism are always welcome!