Wells Fargo and Company (WFC)

[ITMS]

This Leading Bank Stock Just Broke Below Its 200-Day Moving Average, Here's The Trade

This morning, many of the leading bank stocks are declining in today's trading session. Wells Fargo Co (NYSE:WFC) is a leading financial stock that has caught my eye. The stock is trading lower by $1.29 to $56.09 a share today. It has also broke its important 200-day moving average, which is a negative position for the stock. There are still many support levels still in play for WFC stock, but this sign of weakness should lead to further downside in the coming weeks. Traders and investors should note that the next key support area for WFC stock will around the $52.00 level. This important level was defended in late April 2018 and will likely serve as major support when retested. This is a level that I will be watching closely for a long side trade in this banking giant.




Nicholas Santiago
InTheMoneyStocks