WFC trade ideas
Time to pick up hammered stocksThis is long position idea. If you believe that yesterday breakout is not just a fake then there is an idea to pick up fallen large cap stocks in the short term. As I can see there are many sectors that were brutally dumped in March and pumped in April. Oil industry, restaurants, cruise companies and more recently airlines are up about 50%. Mostly, these stocks are COVID-effected.
My idea is simple: to pick up stocks from sectors that have high risk and still are down. I find financial sector attractive. As I see there is no fear at the market right know I'd like to pick up some risky stocks with high market cap. Hedge funds have taken away 56M$ from WFC. Sounds horrible, lets see what market think about it :D
if we break $22.7 short to $14, i will buy put 22.50 $1.95 17/07if we break $22.7 short to $14, i will buy put 22.50 $1.95 17/07
$WFC Well Fargo Day Trade
Rotation has begun into into the beaten down financials.
Amy be just a relief rally as the stocks were extremely oversold, so be careful as we enter into a weekend where news-flow can change sentiment greatly
WFC has broken from down-trending channel as has moved above the 20 day moving average as support.
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WELLS FARGO ($WFC): Are They Gonna Send this Back to the 1800's?✨ New charts every day ✨
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Depressing revenue and earnings predictions and a potential dividend cut aside, it is hard to justify shorting the big banks. Despite this, Wells Fargo's chart looks particularly bearish. While it is likely WFC will preform well in the future, it looks like for now this company founded back in the 1800's is about to get sent back to the 18.00's or lower. Given that, let's look for a short setup.
Resources: www.earningswhispers.com + www.marketwatch.com
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1. Fractal Trend is showing a downtrend (Maroon bar color) on the Daily timeframe chart. This makes sense given how the big banks have struggled in terms of share price while dealing with COVID.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon) and/or bearish S/R levels plotted by Directional Bias (Maroon).
3. As you can see, we are close to getting a short entry from the strategy at R1. The goal here is to see a rejection of this level and continuation to the downside.
4. The target for this move is S2, although we will look for reactions at S1 and consider scaling a portion of our position off there to lock in profits.
5. We will exit this trade if our stop is reached or if Fractal Trend signals an uptrend (Aqua) while our trade is still open.
With all that said, it should be noted that a drop of this magnitude for the big banks represents a move not seen since 2009 back in the wake of the Financial Crisis. Thus, even though the setup makes sense, it also makes sense not to be overly aggressive with this short's position size and consider it more of an overall market hedge.
Dare Catch A Knife? Wells Fargo.Wells is now off more than 50% since the start of the Coronavirus pandemic. However, Wells suffers from much more than a pandemic:
Over the last two years, scandals around nefarious sales practices, some unfortunate executive departures, and an inability to grow top line has hit them hard, and the crisis has hit them especially hard in revenue terms.
We're now looking at 2012 levels, not too far from where we were during the financial crisis.
Peak to trough in 2009 we saw a 69% decline in $ NYSE:WFC ... more to go here?
MAJOR TURN IN WFC 19.80 TO 22.10 MAJOR SUPPORT THE BANK IS THERE GOING TO BE A BANKING SYSTEM WELLS WILL TELL US . AND I AM 100 % LONG MANKIND THE NEXT EVENT IS DUE 5/10 TO 5/23 AMAZING TIME AND EVENTS LOOKING THRU THE GOLDEN RATIO AT WORK
WFC tankingWFC formed a nice head and shoulder patterns and looks to be heading down. Basic measured move is $18. Feel like I'm a little late on this one so might see if we get a retest of the neckline as there is slight bullish divergence on the hourly chart before taking a short position.
Using WFC as a big picture examplePeople continuing to feverishly *long* this market, especially future's and options speculators taking on extreme risk, do not seem to understand the bigger picture risk that might be involved. The March 2020 crash made historic records in every single technical department. Let me say this again. NOTHING in our world's advanced databases matched the speed and magnitude of both the stock market crash and abrupt halt in economic growth and activity, not even the remnants of data we have from the Great Depression of 1929-1932.
Since the March 26th bottom, the market has rocketed up and speculative buying is going through the roof again. Yet, none of the other economic records that were smashed have even come close to recovery. In fact, they are getting worse. 100+ year old veteran companies are beginning to declare bankruptcy.
WFC is still around but it is an example of one of those 100+ year old companies that could potentially go broke in the months or years ahead. My belief is that the March crash was just the first of many waves down. This long term chart shows how much danger lies ahead. The next wave down could take WFC back to 2008 levels as the wave length matches. That level would create a *final* support level before this stock potentially enters a free fall zone toward the 1980 levels.
Sound impossible? Maybe, but WFC has already broken under the March 26th lows as we speak and that means there is high probability we get at least a second wave down of equal or greater length. I will take caution based on what the charts show me. I hope some of you will at least take some precautions too.
WFC BOTTOMED FOR NOW ?
EVERYONE AND THEIR MOTHER IS BEARISH ON WFC . IT JUST COMPLETED A SHARK HARMONIC PATTERN. IMO ITS BOTTOMED OUT FOR NOW. GAINS ARE COMING . BUY THE FEAR DON'T MISS OUT.
LONG WELLS FARGO WFCWells Fargo WFC has been hit by the Covid-19 crisis more than its' peers Citi, JPM or BAC. Now pricing at 27$ which is very close to the Support level.
We also filtered this by looking at their fundamental ratios.
$WFC Well Fargo to $30.50
Well respected Fib Channel in play, nice bounce off the bottom and has founf local resistance at the .236 level.
Moving average crossing bullish
Wells Fargo TAWells Fargo - A triple bottom price formation with a potential to head back up and retest its previous highs if it holds above 25.60
Wells Fargo - trouble?Wells Fargo is in an extremely delicate moment right now. The U$ 28.88 (blue line) seems to be the most important price region, where it was tested several times as support and resistance alike.
The prices are in a support region at the moment (pink line), but the loss of this region could make the prices drop to lower levels (orange or red line). It would be a very risky buy, not worth in my opinion, because we lack bullish signals here. Also, there is something that seems to be a Head and Shoulders pattern (red circles), which is a bearish pattern, but I would wait for a pullback to short the stock. It is very dangerous times and is better be safe than sorry.
WFC to Long, Double bottom patternExisting Condition:
1. in 60 min, down trendline break by breakaway Gap (G1, G2)
2. Double bottom reversal pattern
Entry below 27.5
Stop below the bottom: 26
Target1: 33; risk/reward=1:3
Target2: 37, risk/reward=1:6
Predict: Runway Gap (G3);
This is a trading school homework. I need 6 months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
Coronavirus DepressionYet another stock feeling the pressure of the coronavirus economic collapse of the markets.. the worst since the great depression of 1932...
WELLS FARGO & COMPANYI'm in a hurry to make it, so I'm writing briefly).
Open M5 TF
If the price fixes the level, I will enter the short with a very short risk.
Wells Fargo Before EarningsI simply marked down some interesting levels in the past to watch before they report earnings next week.
