Is Wells Fargo's Stock About To Break Free Of Range?
For almost three years now, the stock of Wells Fargo (WFC) has been rangebound. Resistance appeared around 34 in 2010-11 and around 36 last year. Support was found near 23 in 2010-11, but switched to 30 to 31 in 2012. The rise of the support level is a positive development. The current base is now shallower and tighter than those in 2010-11. Despite being less than 15% deep, the current base looks more like a cup with handle than a flat base. The