Shares of Wells Fargo & Company (WFC) continue to grind up into the upper channel (seen in the chart below). This channel has lasted since July 2020. A Wells Fargo stock chart alert has been issued that signals a breakout coming. Once Wells Fargo moves above the upper channel trend line at $25.55, there is little to stop it from advancing all the way to $33.85. That leaves a ton of upside potential for us.
Bank stocks overall have lagged the recovery from the March 2020 lows. While many fear the loan losses incurred by a struggling economy, other smart investors and traders are accumulating banks, believing interest rates are set to move higher and stimulus will help avoid the worst-case scenario. Considering Wells Fargo is barely 10% off its March 2020 lows, it makes sense there could be a catch-up trade. A breakout of the channel confirms the Wells Fargo stock chart breakout alert.
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