Wells Fargo may fall to 52.90 - 53.80

58.8 is our pivot point.

Our preference

The downside prevails as long as 58.8 is resistance.

Alternative scenario

The upside breakout of 58.8 would call for 60.4 and 61.4.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the share stands below its 20 and 50 day moving average (respectively at 59.063 and 59.3214).

Supports and resistances

61.4 **

60.4 *

58.8 **

58.2

57.4 (USD-last)

54.8

53.8 **

52.9 *

52 **

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