Wells Fargo (US: WFC) Technicals shows potential bullish continuation:

1. 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.
2. The bullish hammer has also closed above the Tenkan-Sen, indicating a strong upside momentum.
3. 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