Ride Higher With Wells Fargo

This commentary was originally sent to Trifecta Stocks subscribers at 05:30 on April 19.

If there is any company out there taking some punishment of late it is Wells Fargo (WFC) . The big bank was plagued last year with a massive consumer scandal, which caused investor panic and dissension. Eventually, the CEO was removed.

It's been a long road back, and recently the stock peaked out at all-time highs but has come under severe pressure. However, support has held at the 200-day moving average and that may be its saving grace.

Volume popped last week, when Wells got pounded after its earnings release. The stock bolted to the 200-day moving average to test support. Monday that happened again, a successful bounce on decent turnover.

Make no mistake, the chart is still in a severe downtrend, but it is now in deviation, and we could see a sharp move upward to resistance, around the $56 area.

Above there then the chart turns bullish, and new highs could be forthcoming. Watch this video for more deta
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