Shorting WFC on Wedge Backtest

WFC daily July 14th

WFC daily July 14th

WFC (Wells Fargo) recently kissed the bottom of the recently broken bearish rising wedge on a backtest today, offering an objective short entry. WFC will be added as an Active Short Trade here around the 57.14 level.

Suggested stops for those only targeting T1 at 54.30 would be on a move above the recent highs of 58.26 (or lower, depending on your preference) & a suggested stop over 60 for those targeting the final target, T3 at 51.77. XLF (Financials ETF) is also currently backtesting its comparable wedge pattern as are several key financial stocks (some of those charts will be posted soon).

2017-03-08T21:20:24+00:00 Jul 14, 2015 1:41pm|Categories: Completed Trades - Short|Tags: |Comments Off on Shorting WFC on Wedge Backtest