Wells Fargo Near Major Resistance

05/06/2009 1:46 pm EST

Focus: OPTIONS

Thomas Aspray

, Professional Trader & Analyst

chart

Wells Fargo (WFC) has been strong this morning and is currently trading above its 200-day MA. The major 50% retracement resistance is at $26.40 with the 61.8% level at $30.50. This suggests that the rally in WFC could stall over the next few weeks. First good support is at $19.20.

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