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.
And, this report just out doesn’t bode well for a sustainable rally any time soon.
