Current candle stick price action is . Fisher is in the high end range but still rising with no divergence.If WFC can break reference channel 1 to the upside, the near term price target is top of CLONE 2A. If we get candle stick action in the current CLONE confluence area WFC could correct down to bottom of reference channel 1. If WFC breaks CLONE confluence to the upside the longer term target is top of 1A CLONE and or top of 2B. You can use your favorite indicator(s) or method to further validate CLONE action.
You've got to be worried about the capitalization requirements established by the gov. Already we've seen how volatile the markets have been with gov reports about what they are GOING to be doing in the future. (see Bernanke, Ben). Wells Fargo is probably the strongest bank to handle these new requirements yet I would stay away until you see earnings. That will set the tone for what to expect from all financials this earnings season. We need some barometer to determine what the markets will assume is positive news with these cap. requirements on the horizon. I'd stay away from this coin flip as we don't know if people are going to take this good or bad yet. Anything less than stellar WF earnings could be disastrous for Financials
@clifkix5 ...thanks for the fundamental commentary, I'm sure some traders will find this useful, however I do not include fundamental analysis with my technicals simply because I'm not good at it and often confusing to me. Many retail investors have missed this last bull run because of bad fundamentals and doom & gloom late last year. I would like to point out that when prices are overextend(as shown by the monthly Fisher) and near resistance it's a good idea to wait for a pull back(usually to a support point) and use smaller time frames as an entry points. But if you got in early in WFC you should keep holding until price action tells you otherwise.........Mr Chart never worries.