Don't Ignore This Chart!

Wells Fargo shows relative weakness

Even though the S&P 500 is up sharply over the last four weeks, Wells Fargo (WFC) is just flat and shows relative weakness. After a surge the first few days of November, WFC traded flat with a small triangle. Watch this neutral pattern for clues on the future. An upside breakout would be bullish, but a downside break would be bearish.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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