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💾 Wells Fargo & Company Turns Bearish | Crash AheadWhat we are seeing with these banks are the side effects of massive monetary expansion. This is the result of the Covid money printing fest. We will soon enter the withdrawal phase ... Right now the banks are deep into the headaches. ✔️ Wells Fargo looks pretty bad. While last week you could say everything was fine based on the chart signals, this week nullifies months and months of recovery. Of course, there were many signals pointing to what is happening now from way back... If you track this chart you would be able to tell. The RSI and MACD peaked 2021, both have been building a very strong bearish divergence. The trading volume continues to decline and we have Elliot Wave Theory as well which calls for lower prices in the form of a correction. Let's look at the present time. Here is the chart: ✔️ The RSI jumped off a cliff. Trending lower strong. ✔️ This weeks candle moved below EMA10, EMA21, EMA50, EMA100, EMA300 and MA200; all in a single candle. ✔️ The highest bear volume bar is present this week since June 2022. This can be the start of the (C) wave in a classic ABC correction. The wave count is marked on the chart. The question comes up again, will Bitcoin crash together with the banks? It is possible but the charts are very similar. While these banks have gone down by 30%-40%, Bitcoin went down by 77% and they are going through the same pattern. Where these banks are headed is where Bitcoin has already been at but it can still go lower though. The things is that Bitcoin should work as an alternative to decaying banks, it was created to protect people for situations exactly like the one we are seeing now, to protect people from another 2008. We have to wait and see if the experiment will work. My hopes are very low though for these banks though. It is already being reported that the SIVB people paid their bonuses and did their insider trading before crashing everything... People are bound to get tired at some point. Namaste.
NYSE:WFCShort
by AlanSantana
Wells Fargo at 61.8% Fibonacci RetracementWells Fargo - Short Term - We look to Buy at 51.28 (stop at 49.63) Preferred trade is to buy on dips. Previous support located at 51.00. We have a 61.8% Fibonacci pullback level of 51.49 from 46.04 to 60.30. The medium term bias remains bullish. Expect trading to remain mixed and volatile. Our profit targets will be 56.06 and 59.10 Resistance: 57.00 / 60.00 / 65.00 Support: 51.00 / 47.00 / 40.00 Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis, as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features. Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
NYSE:WFCLong
by Saxo
WELLS FARGO and JPMORGAN CHASE UPDATE. I told you guys I couldn't afford two trades going against me. Am I worried about my WFC bull spread? A little. NOT because I think WFC is on a downward spiral BUT because I don't know if it'll get in my range in time (53ish). It won't stay down for long that I do know. I just hope it does it in time. I have a lot of trades going against me. WFC, HLF, and EBAY (I got into it by accident, LONG STORY) but anyways i'm optimistic about all of my trades (maybe not EBAY, i'm neutral on it by the way) we shall see. So far I got two winner trades this year. URBN and LULU. I'm going to keep on keeping on. Atleast I knew JPM was going down on earnings. I did underestimate WFC though but it wasn't slaughter. JPM's hit was a bit more blunt and I also expect JPM to go up, even faster than WFC although I know banks follow eachother, but WFC can't catch a break. NOT LIKE THEY DESERVE IT!! THEY WONT EVEN HIRE ME! haha
NYSE:WFCLong
by Tapia
$WFC BULL PUT SPREADToday I opened a bull put spread, due to high volatility. Its a 125/125 Dollar reward/risk trade so its small but I would never say no to $125. High volatility due to this dropping like a rock the past couple of days due to bad news after bad news. BUT not due to fundamentals. The estimate for earnings (on 4/13/17) BEFORE MARKET OPEN is .97 which is lower than it will actually be (again). Good thing this thing normally isn't too volatile (to my taste) when earnings come out.
NYSE:WFCLong
by Tapia