WFC’s price is at a key spot relative to the timing of its earnings, which are due tomorrow in the pre-market. The earnings will most likely be the catalyst here in the near term, either for a breakout towards the upside or yet another pullback to the lower end of the pennant drawn on the chart. Currently, the stock’s shares are trading at around $58.16 a share and are up over 1% on the day. A break above the upper trendline of the pennant would be a positive indication, but a move above the resistance of $58.97 would be needed for confirmation that the price may continue rising higher. This would then allow traders/investors to target the next resistance area between $61-$62 (this year’s high). Support below reads $58.77 followed by $54.40. A break and close below $54.40 could shift the attention towards $53.27 and then possibly $52.50-$53, which is along the lower trendline. The positioning of the technical indicators actually supports the bullish scenario, however, we know that the fundamental aspect of a stock can at times have a bigger influence on price. Meaning, a poor earnings report could lead to a sharp sell-off regardless of the recent momentum.