Wells Fargo (WFC) Recovering But No Cigar

As today's trading session slumps along I'm keeping a close eye on the financials on the back of the GS upgrade from JPMorgan.  

I stated our case for a potential bounce in financials the past two weeks HERE

As we've dabbled on the long side on WFC recently I wanted to point out the currently interesting technical area.  Lots of overhead resistance by way of 50 and 200 day moving averages.  Also note the downward sloping consolidation area.  Should WFC manage to break up and out of this pattern and by so doing overcome both moving averages I think the financials will have displayed some good strength.  That's what we're watching.  How about you?

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