timwest
Short

Fake-Out Breakout in Wells Fargo WFC

BATS:WFC   WELLS FARGO CO NEW
207 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

Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
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.
Reply
timwest PRO QuantitativeExhaustion
Thanks JR!
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out