The following is a Wells Fargo ( WFC ) stock technical analysis for March 23, 2009.Wells Fargo Support & Resistance Levels - 3/23/09
Resistance Levels: $15.47, $16.25, $17.60
Support Levels: $13.65, $12.70, $10.50
Wells Fargo stock is right in the middle of two major moving averages that I follow, the 10 and 50 day moving averages. After topping out at $17.60, WFC stock has failed to close over the 50 day moving average for the second straight day. I will continue to watch the 10 day moving average because if WFC can continue to close above this level ( currently at $13.65 ), it will be a bullish signal for things to come. As soon as you have a stock close below both of these two averages, you start to have problems and the downside risk is significant. On the upside, there will be some resistance at $15.47 ( Friday's High ), $16.25, and Thursday's High of 17.60. A close above $17.60 and it is likely $20 will be retested. For More Technical Analysis - Go Here
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