S&P 500 Market Outlook: Bullish
Bearish Trade: WFC: $53.10 – Financial
The bearish DailyPlay we chose for Tuesday, Jan 7th is Wells Fargo (WFC). WFC is part of the Financial Sector (XLF). XLF has rallied 3.05% higher over the past month and its 1m and 6m trend turned bullish on Dec 5th but has started to consolidate over the past month.
Wells Fargo’s 1m and 6m trend turned bearish and neutral on Jan 3rd and recently started to test its support $53 support level. With a technical score of 7 (out of 10), WFC is a strong stock that is starting to turn lower.
As a stop loss, if WFC was to trade above $54.50 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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