Buy signal cooling, 2 of 3 targets already hit
Wells Fargo adds 0.4% as its buy signal starts losing steam in week 6
Buy signal cooling, 2 of 3 targets already hit
Our view last week
Wells Fargo is up 1.9% this week, but underneath the push is thin: volume is contracting, daily money flow stays slightly negative, and price is boxed between the pivot-point resistance in the 87.2 area and the matching support in the 85.4 area. The buy signal is in its 5th week, the trade is up 6.37%, and the stop is already at breakeven — earnings land July 14th, this very week.
This week's summary
Wells Fargo closes the week up 0.4%, boxed between the daily upper Bollinger Band resistance, in the 89.1 area, and the 20-day moving average support, in the 85.6 area. The buy signal is losing steam: signal strength drops to 47 out of 100, with soft buying volume and daily money flow still slightly negative. The trade, in its sixth week, has already cleared 2 of the 3 price targets, up more than 6.8%.
IQS Phase
69
in tension
Signal Strength
47
medium · weak
Sizing
REDUCED
Ranking
#67 / 112
US stocks in progress
Trade P&L %
+6.80%
from signal to today
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