Support 1: 44.20 Resistance 1: 49.27
Resistance 2: 52.41
Wells Fargo’s bullish rise was a good run initially, especially after price broke the falling wedge pattern in June 2019. However, the bullish rise is met with significant resistance at 49.27. The dark cloud cover candle pattern is rejecting the 61.8% of the Fibonacci retracement level of the wedge pattern. This signals a bearish downside to 44.40.
The indicator also pointed out that the dark cloud cover pattern close and reject the 200 SMA and stochastic is pointing towards a potential overbought condition.
Red dotted line = 200 periods moving average
Blue dotted line = 50 periods moving average
Green dotted line = 22 periods moving average
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