WELLS FARGO: Important bullish breakout.

NYSE:WFC   Wells Fargo & Company
Wells Fargo crossed on Friday over the HH trendline that was in effect since April 19th, invalidating it as a Resistance and instead giving form to a Channel Up pattern that is supported by the 1D MA50. The 1D technicals are bullish (RSI = 69.130, MACD = 0.870, ADX = 27.314) and even though the nearly overbought RSI will required a technical pullback in order to harmonize it, on the long term this Channel Up should test the R1, so we are bullish (TP = 48.85).

If the price crosses under the S1 (42.10), we will sell and target the S2 (TP = 40.35), where the HL trendline should also support on the long term.

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