Friday, August 27, 2010

Wells Fargo looking ugly....

For that matter, the whole financial sector hasn't been looking all that good lately, but WFC has fallen off a cliff the past couple of weeks, and has made a real break of the H&S neckline, indicating that we should see significantly lower prices in the not too distant future.  Found whole number support at 23 on Weds and traded back up to 24 yesterday before closing at 23.50.  I wouldn't be surprised to see a back test of the neckline, so be careful of shorting now.
-click to enlarge-
Good luck trading.

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