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Wells Fargo Struggles to Regain a Foothold

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Wells Fargo is struggling to re-enter its long-term upward-trending Andrew’s Pitchfork channel, as shown on the following monthly chart of WFC.

The momentum indicator has fallen below the zero level on this timeframe and has formed a lower swing low…hinting of further weakness ahead. And, as I mentioned in this February post, major support is at 50.00, so a break and hold below would likely see price retest the October 2016 lows, or drop lower.

* UPDATE @ closeWFC continued its intraday drop and closed near its low of the day at 52.26. (more…)