Wells Fargo, once the worlds largest bank, by market capitalisation, has entered into my short zone. The bank has been in turmoil in the last couple of years with numerous lawsuits for fraud and unethical practice but the share price has not corrected from this news (As Warren Buffet was the largest shareholder). However, the markets have finally started to correct in our favour and have entered into our short zone.
Amazing Risk to Reward ratio: 1:10 SL: 3.5% loss TP1: 34% gain
Trade active
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Trade is still active, with a return of 23% already. This is a good place to take profits, if you wish or you can continue for the full length of the trade and potentially profit from a 33% gain on the short.
Trade closed: target reached
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Trade hit TP on 11th May 2020. 34% gain in two months