Wells Fargo (US: WFC) Technicals shows potential bullish continuation:
- The bullish hammer on Monday rebounded and closed above the upper boundary of support zone 1 at US$52.68, indicating a strong bullish return to the upside.
- The bullish hammer has also closed above the Tenkan-Sen, indicating a strong upside momentum.
- The price is trending relatively above the Ichimoku’s Kumo and the lagging span is well above the candles. Despite the price trending below the Tenkan-Sen, the stock is relatively on the upside.
*Expected timeline of the trade is 20 weeks from the date of report issuance.
CHART LEGEND
Ichimoku Kinko Hyo
Red dotted line = 26 periods Kijun-Sen
Blue dotted line = 9 Periods Tenkan-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line