Fake-Out Breakout in Wells Fargo WFC

208 3 3
Risk 1 point to make 1 points on this setup.

I think 44.5 will bring in some buyers so I'm just shooting for that target.

If WFC             opens up 0.50, then the odds are better, as my risk is only 0.50 and my target is 1.50 away (3:1).

Longer term, I think this is a major warning sign that this breakout occurred on low volume . Note the high volume days - actually one was a down day (lower-low, and lower-high).

Note also the 200-day moving average is represented as a range since it uses the highs for one line and the lows for the other.

Tim 9:29AM EST, Monday, Feb 3, 2014

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I forgot to label the high volume days on Jan 14th and Jan 15th. Jan 14 was a down day (a lower low and a lower high) but it closed higher than the open.
timwest QuantitativeExhaustion
Thanks JR!
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