Technical Pulse: Wells Fargo & Company (NYSE: WFC) March 13, 2023 156

 

Wells Fargo & Company (NYSE: WFC) Potential breakdown of a bearish rising wedge should price fail to hold at the wedge support level.

 

1.      The price has retested the current wedge support level, a breakdown of which will provide a bearish signal for further downside.

2.      The price could continue to trade lower if a breakdown occurs to retest the support zone at US$30.90-36.40, when calculating the target area for the rising wedge breakdown by taking the height (US$9.54) and projecting onto the breakdown point at US$41.70.

3.      The support zone is also confluent with a previous strong horizontal resistance level at US$31 from March to June 2020 and a 61.8% Fibonacci retracement level at US$34.70, calculated using a swing high of US$58.81 and swing low of US$19.79.

 

 

 

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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