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JoeHayes
Aug 25, 2014 7:56 PM

WFC Rejected at Trend Line Short

Wells Fargo & CompanyNYSE

Description

WFC bouncing off trend line yesterday and today again to form a shooting star. There is some hidden bearish momentum divergence seen on the histogram, and the stochastic is coming out of overbought levels without price having broken the previous swing point high. This does look like a bull flag forming, but I am looking for one more move down to retest support before the next move up. Profit target right in front of support for a healthy 1:1.5 R/R ratio.
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