Wells Fargo (WFC)....Traders should consider cover shorts.

In our "Morning Comment" on Friday morning, we highlighted WFC...and turned bearish on the stock. Since then it has fallen over 8%.

That's a very big move over just three trading days, so any short-term traders who might have gotten short on our call should consider covering down at these levels.

Another reason to consider covering is that its daily RSI chart falling to 18.5, That's the same level it saw in late December of 2018...just before it began a strong bounce of 14% over the next month.

Posted to The Maley Report on Jan 15, 2020 — 3:01 PM
Comments ({[comments.length]})
Sort By:
Loading Comments
No comments. Break the ice and be the first!
Error loading comments Click here to retry
No comments found matching this filter
Want to add a comment? Take me to the new comment box!