Banking giant Wells Fargo (WFC) has struggled on the charts and in the press since early 2018, but now the charts are looking more attractive. Let's take a look.
In this daily bar chart of WFC, below, I can see a choppy trading pattern the past twelve months. Prices sank to a new low in March but have recovered starting with a higher low in May. WFC now trades above the rising 50-day moving average line and above the rising 200-day moving average line.
The trading volume has been more active since the middle of March when prices made a low and signals increased investor interest, and maybe a shift in ownership from weak hands to stronger hands - investors with deep pockets and foresight.
The On-Balance-Volume (OBV) line made a low in December and a higher low in March when prices made a lower low - a bullish divergence. The Moving Average Convergence Divergence (MACD) oscillator moved above the zero line in May for an outright buy signal.



