Shares of Wells Fargo & Company (WFC) continue to grind up into the upper channel (seen in the chart below). This channel has lasted since July 2020. A Wells Fargo stock chart alert has been issued that signals a breakout coming. Once Wells Fargo moves above the upper channel trend line at $25.55, there is little to stop it from advancing all the way to $33.85. That leaves a ton of upside potential for us.
Bank stocks overall have lagged the recovery from the March 2020 lows. While many fear the loan losses incurred by a struggling economy, other smart investors and traders are accumulating banks, believing interest rates are set to move higher and stimulus will help avoid the worst case scenario. Considering Wells Fargo is barely 10% off its March 2020 lows, it makes sense there could be a catch up trade. A breakout of the channel confirms the Wells Fargo stock chart breakout alert.
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