WFC positive outlook1D chart hit resistance again yesterday. There is an ascending triangle forming on the 1D chart.
On the hourly chart, there seems to be a cup and handle forming, the handle has yet to form but the cup has.
RSI Is Approaching the top, similar to stochastic while MACD just crossed.
Awaiting for a solid cross over the 38.7/39 resistance and the next level to watch out for is 40
The Financial sector is hot I hope this stock goes well
Not Financial advice
Trade ideas
WFC POST COVIDLong term analysis moving forward we have a big level here at the 120EMA being tested today. If this financial market boom continues, we should expect WFC to get back to PRE COVID levels around $ 45.00
Watch this chart closely for a break above this EMA - Anything below this EMA has always been a dip buy! You can see it took a long time during COVID for this to be dip bought back to the 120EMA on the weekly!
WFCLooking for WFC to continue trending up with the financial sector. Seems a larger rotation out of tech is occurring.
Looking for the smaller Elliot wave 3 (purple) to continue up or for wave 4 to start. RSI is a bit hot so may seem some sideways trading/the start of the smaller wave 4 to begin here soon.
Looking to catch wave 3 on the way up or enter on wave 4 just waiting for the chart to decide these next few days.
Overall trend should start to firm up once the larger wave 3 is finished.
WFC Breakout Trade IdeaNYSE:WFC :WFC"]NYSE:WFC
I'm usually not too interested in financial plays... but the sector and especially WFC have lagged in recovery since the early 2020 crash.
Financials overall showing strength this February.
WFC broke out of critical resistance. Also note cup and handle pattern.
Looking for a retest of resistance turned support near $33.50 for another chance at entry.
Potential medium turn play--- looking to approach and surpass $40.
WFC - Cup & Handle breakout playBreakout point - 34
Breakout target - 44
If the price break above 34, the breakout target is 44.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
WFC LongEMA50 Crossed EMA200, Start of Uptrend
Entry 32
Stop 29
Target 40
1/15/2021 Good Earning, Price down.
I am not a PRO trader. I trade option to test my trading plan with small cost.
The max Risk of each plan is less than 1% of my account.
If you like this idea, please use SIM/Demo account to try it.
$WFC with a neutral outlook projected following earning releaseThe PEAD projected a neutral outlook for $WFC after a negative under reaction following its earning release placing the stock in Drift D
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