WFC 5/13/2023

rudcharts Updated   
NYSE:WFC   Wells Fargo & Company

WFC looking more like KFC to the bears.

If you look at many of our banks and their stock charts, they have doe nothing but move sideways since the crash of ‘07-’09. Now about 15 years later, it looks like its time for the bears to finish off most of these banks and what we’ve known as our banking system.
Was it a coincidence that Bitcoin was created 2008 mid-way thru the last collapse? Time to start putting one and two together.

Daily chart analysis

WTC was comfortably moving sideways between 44.50 - 58.60 between 2015-2020.
Covid happened and price was shot all the way down to major support level at 23.70.
A ton of fake money was printed during Covid and that helped price shoot back up and back into the previous range.
After price reached the highs of 58.60, it was shot down and was unable to hold support level of 44.50.
As price fell below support, it pulled back inform of a bear flag.
Price has since broken down from bear flag resistance level. The bear flag was confirmed, and price is looks to enter downtrend. Price also pulled back to turn previous support into resistance. This is my cue to enter trade short.

Entering trade short.

Entry: 37.49
Stoploss: 43.40 (-15.76%)
Target: 23.70 (+36.78%), 2.33 RR Ratio
Trade active
Trade active


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