We just got a strong and convincing Bearish Breakout on Wells Fargo (WFC) today. The stock broke out of its multi-month Double-Top pattern, and it appears that the Hounds of Justice .aka. Bears are piling-up the shorts. The Beasts are running rampant, and this is only going the get worse for WFC long-term investors. I’m a little cautious here though, given the shitty socio-political fuck-mongering that’s going on in Washington, with everyone from the President to the “Mr. Nobody” House Reps, spitting fire on the tape. If we do get some sort of deal on this Government Shut-Down Farce, I expect a knee-jerk reaction higher in the markets. But that isn’t to say that WFC will also follow suit.
I stand by my Bearish call on WFC.
Here is the Daily chart of WFC:
Price Target: $38
I recommend using Options to leverage this move, as opposed to straight-up Shorting the actual stock; cause if things were to go berserk/against you, you can rest assured that your account wont get completely wiped out. Buy PUTS on this sucker.
Wall Street Fool
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