Wells Fargo may rise to 71.10 - 73.40

Our pivot point stands at 60.1.

Our preference

The upside prevails as long as 60.1 is support.

Alternative scenario

The downside breakout of 60.1 would call for 56.2 and 54.

Comment

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 57.31 and 55.9124). Finally, Wells Fargo is trading above its upper Bollinger band (standing at 63.15).

Supports and resistances

75.7 **

73.4 *

71.1 **

68.8

63.89 (USD-last)

61.6

60.1 **

56.2 *

54 **

Number of asterisks represents the strength of support and resistance levels.