WFC Short Idea
Updated
Wells Fargo has earned itself quite the rap sheet over the last 4yrs, and this is only the stuff that they've been caught with. - finance.yahoo.com/news/wells-fargo-scandals-the-complete-timeline-141213414.html
Q3 & Q4 2019 Earnings both missed expectations, and a lower guidance for 2020 has been provided.
If they can maintain expectations at or above their lowered 2020 forward looking guidance, maybe this uncompleted H&S will result in their favor.
However, I am not confident that they are not losing customers every day currently and that it won't be reflected in share price within the upcoming quarters.
It already is looking like the suspected H&S pattern will complete with a swift down move to follow, only time will tell though.
Keeping an eye on this one for prospects of opening a short after further confirmation.
Q3 & Q4 2019 Earnings both missed expectations, and a lower guidance for 2020 has been provided.
If they can maintain expectations at or above their lowered 2020 forward looking guidance, maybe this uncompleted H&S will result in their favor.
However, I am not confident that they are not losing customers every day currently and that it won't be reflected in share price within the upcoming quarters.
It already is looking like the suspected H&S pattern will complete with a swift down move to follow, only time will tell though.
Keeping an eye on this one for prospects of opening a short after further confirmation.
Comment
May be worth noting the Monthly chart and it's two most recently posted candles, a hanging man followed by a -13%+ bearish move. Comment
Approaching support level...Comment
Straight through multiple major supports, almost to TP.Trade closed: target reached
That was fun.Disclaimer
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