vlad.adrian
Long

Wells Fargo - At crossroads

NYSE:WFC   WELLS FARGO & CO NEW
78 0 4
I believe that sometimes an instrument will go up if it will go above a level or vice versa. I believe that sometimes trading is that simple. Of course this strategy is affected by false breakouts, but at the end of the year, a trader applying this strategy should come out ahead.

Wells Fargo is currently standing at this type of level. It is the base of a massive weekly H&S pattern and a big daily triple bottom.

On the weekly chart, the volume indicators point to climactic volume , which makes me believe that all the selling has been done. A push up from the daily triple bottom will create a great weekly bullish divergence.

On the daily chart , a false break and a strong reversal yesterday.

As for targets, if I am right on the medium term, this stock should reach 49$. That is where I want to take some off the table. The rest of my position will be held for a longer time (unless stopped out) because if this massive H&S is not going to break, the uptrend will continue, and we shall see at least 60$.
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