Wells Fargo
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For my own edification. Not trading advice. DYOR...
Wells Fargo looking like a Buy. Touching into support zone + RSI oversold. Looking to add to position and Sell August Puts. Reassess as it approaches resistance ~$26
Wells Fargo looking like a Buy. Touching into support zone + RSI oversold. Looking to add to position and Sell August Puts. Reassess as it approaches resistance ~$26
Nota
Using RSI/MACD for short term plays. A close above $25 ideal to get out of the short term downtrend. Last quarter earnings miss and dividend cut still weighing heavily on the stock. Can still recover over the long term, but there are better stocks out there in the market to play right now..
Nota
Beware the buffet effect..."Berkshire sold 85.6 million shares of Wells Fargo, representing about 26% of its stake and putting its ownership to about 3% from 5.3%. The insurance conglomerate also shed 35.5 million shares of JPMorgan, 61% of its position, which now represents 1% of Berkshire's overall portfolio from 3% in the prior period. Meanwhile, the investment firm acquired nearly 21 million shares of Barrick Gold worth $563 million, representing 0.3% of Berkshire's holding."
Nota
It took 4 months, but it did respect the channels and eventually break out of the upper resistance.
Penafian
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