Wells Fargo may fall to 53.70 - 54.60

Our pivot point is at 59.4.

Our preference

The downside prevails as long as 59.4 is resistance.

Alternative scenario

The upside breakout of 59.4 would call for 60.9 and 61.9.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 59.9355 and 59.3148).

Supports and resistances

61.9 **

60.9 *

59.4 **

58.8

57.93 (USD-last)

55.5

54.6 **

53.7 *

52.8 **

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